GAIL set to invest in compressed bio-gas start-ups
Delhi-based oil PSU, GAIL (India) Limited declared plans to invest in companies operating in the area of compressed bio-gas (CBG) through its start-up initiative 'Pankh'.
The company has opened up fresh rounds for solicitation which shall open till July 24, 2020. It has stated that start-ups that are interested in equity funding can apply on GAIL's website.
Given the vast biomass resources in the country, GOI is placing special emphasis on their utilization by encouraging setting-up of CBG plants. Furthermore, oil & gas companies are ready to give a commitment for offtake of CBG through the issue of letter of intent (LOI).
GAIL began the initiative 'Pankh' in July 2017, to identify and promote innovative ventures in a bid to support Prime Minister Narendra Modi's objective to nurture the spirit of entrepreneurship.
To promote the initiative, the company has created a corpus of Rs 50 crore for investing in start-ups and would also provide mentoring to them in core areas of the company, i.e. natural gas and its derivatives. Till date, the company has made investments in 24 start-ups operating in various areas through four solicitation rounds.
The stock of the company closed at Rs 102.40 on Friday, down by 2.94 per cent or Rs 3.10 per share. The 52-week high is recorded at Rs 150 and the 52-week low is Rs 65.70 on BSE.