GAIL plans to invest Rs 6,000 crore in the renewable energy sector

• Image Credit: Internet

• May 30, 2022 | Sourav Boruah

Digital Desk: A top official from the state-owned Gas Authority
of India Limited (GAIL) announced on Monday that the company will invest 6,000
crore in renewable energy over the next three years.

GAIL India chairman and managing director Manoj Jain told
reporters here that the investment might increase by Rs 20,000 crore by 2030.

GAIL's Director (Finance) Rakesh Kumar Jain stated that the
business, which reported a 112 percent increase in post-tax net profit of Rs
10,364 crore in 2021-22, has established a five-year capital investment plan of
up to Rs 40,000 crore, which will cover a wide range of fields.

Borrowings of up to Rs 20,000 crore will be required, with the
remainder coming from internal accruals, according to the director. Its
chairman stated that the company plans to build over 3 GW of renewable energy
capacity by 2030, with 1 GW of that capacity set to begin within the next three
years.

The company is now expanding its liquid hydrogen capacity, and
the progress made on the prototype will influence its overall investments,
according to Manoj Jain, who added that a decision on the matter will be made
in 18 months.

Mr Jain revealed that the company is in the process of
buying a 10 MW liquid hydrogen facility, which is expected to be the country's
largest, as well as an electrolyser.

It invested Rs 7,700 crore across all activities in 2021-22,
he added, including pipelines for the core transmission sector and
petrochemicals.

Meanwhile, GAIL's chairman stated that the company is
awaiting approval from the government on its asset monetization plans, adding
that the company hopes to monetize up to 4,000 crore in assets in 2022-23.