India’s top gasoline firm GAIL will foray into hydrogen generation and take the acquisition path to scale up its renewable power portfolio because it pivots enterprise past pure gasoline to align with power transition being witnessed throughout the globe.
As a part of a push to embrace cleaner types of power, GAIL might be laying pipeline infrastructure to attach consumption centres to gasoline sources whereas additionally augmenting its renewable power portfolio, said Manoj Jain, Chairman and Managing Director of GAIL.
To accomplish a cleaner primary energy mix for India, the government is emphasizing the expansion of the natural gas sector so as to achieve a gas-based economy along with growth in renewables. GAIL as a leading integrated energy major has aligned with this vision, he added.
The global energy sector is witnessing a paradigm shift in recent years as the world is transitioning to a sustainable energy future,” he said in the company’s latest annual report.
GAIL “will be selectively investing in the renewable energy domain given the future growth potential,” he said. The company “has been scouting for opportunities to scale up the RE portfolio from the current 130 MW through bidding and other inorganic routes such as mergers and acquisitions.”
“In addition, the company is also foraying into ethanol and hydrogen generation,” he said without giving details.