State-owned natural gas processor and distributor GAIL (India) Ltd (BOM:532155) will look to expand its renewable energy portfolio and enter the ethanol and green hydrogen production markets, it said last week.
In a message to shareholders in the company’s annual report, its chairman and managing director Manoj Jain said that GAIL is searching for opportunities to grow its renewables fleet, either through bidding or mergers and acquisitions. At present, the company owns 130 MW of renewable power plants, of which 118 MW of wind and 12.3 MW of solar parks, its website shows.
In line with the expansion, the Indian firm will also pursue the development of ethanol and green hydrogen production projects. Separately, it will aim to expand its footprint in the petrochemicals industry and diversify into high-margin downstream businesses.
GAIL India says it has set a goal of having 1 GW of wind and solar power generation capacity in the next three to four years.