Gail India, a state-owned company, will invest Rs 6,000 crore in renewable energy over the next three years, according to a top official. GAIL India chairman and managing director Manoj Jain told reporters here that the investment might increase by Rs 20,000 crore by 2030.
GAIL India Director (Finance) Rakesh Kumar Jain said the business, which reported a 112 percent increase in FY22 post-tax net profit at Rs 10,364 crore, has outlind a five-year capital expenditure plan worth up to Rs 40,000 crore that will cover a wide range of fields.
Borrowings of up to Rs 20,000 crore will be required, with the rest coming from internal accruals, according to the director. The 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.
Meanwhile, GAIL's chairman stated that the government has yet to approve its asset monetization plan, but that the company aims to monetize up to Rs 4,000 crore of assets in FY23. According to Jain, the company's exploration and production activities would be limited to an asset it is pursuing in Myanmar, where it is investing money.
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