Gas Transmission & Marketing Company and Government of Karnataka sign MoU for Renewable Energy Projects up to 1 GW
The stock is up by 26 per cent from its 52-week low of Rs 150.60 per share and has given multibagger returns of over 200 per cent in 5 years.
GAIL (India) Limited and the Government of Karnataka signed a Memorandum of Understanding (MoU) to explore the setting up of renewable energy projects of up to 1 gigawatt (GW) in the State. The MoU was signed in Bengaluru in the presence of Shri M.B. Patil, Hon’ble Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka, and Shri K. J. George, Hon’ble Minister for Energy, Government of Karnataka, by Dr. S. Selvakumar, Principal Secretary, Commerce & Industries Department, Government of Karnataka and Shri Parivesh Chugh, Executive Director (SD & Renewables), GAIL.
Under the MoU, the Government of Karnataka would facilitate GAIL to obtain necessary permissions/registrations/approvals/clearance/ incentives, etc. from the concerned departments of the State, as per the prevailing policies/rules and regulations of the State Government. GAIL intends to set up Renewable Energy projects of up to 1 GW within five years.
Speaking on the occasion, Shri M.B. Patil said, “We welcome GAIL’s strategic interest in Karnataka. This MoU reaffirms our commitment to facilitating clean energy investments while driving industrial growth. Karnataka’s policy ecosystem, skilled workforce, and land availability make it a natural partner for companies focused on sustainability.”
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Shri K. J. George added, “As a leader in renewable energy, Karnataka is pleased to collaborate with GAIL in achieving India’s clean energy transition. This partnership will strengthen our state’s position as a green energy hub and contribute to employment generation and infrastructure development.”
About GAIL (INDIA) LTD: GAIL is India’s leading gas transmission & distribution company with extensive gas transmission and distribution pipelines in the country, LPG extraction plants and a gas-based petrochemical plant, besides upstream oil and gas blocks and interests in LNG terminals in India. GAIL also has a global presence and business interests in the USA, Singapore, Myanmar, Russia, China and Egypt. Further, GAIL is pursuing business opportunities in the entire value chain of renewable energy, and other clean energy ventures, including Green Hydrogen and Biofuels.
The company has a market cap of over Rs 1 lakh crore. The stock is up by 26 per cent from its 52-week low of Rs 150.60 per share and has given multibagger returns of over 200 per cent in 5 years.
Disclaimer: The article is for informational purposes only and not investment advice.