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A top official announced Monday that Gail India, the state-owned company, will invest Rs 6,000 cr in renewables over the next three years. GAIL India Chairman and managing director Manoj Jain said that the investment could rise upto Rs 20,000 crore by 2030.
Rakesh Kumar Jain, Director Finance at GAIL India, stated that the company reported an 112 percent jump in FY22 post tax net profit at Rs 10,364 crore. He also said that the company has laid out a plan for capital expenditures of Rs 40,000 crore over the next five-years. This will cover a broad range of areas. The director said that this will require borrowings up to Rs 20,000 crore and internal accruals.
The chairman stated that the company is seeking to build almost 3 GW of renewables capacity by 2030. 1 GW will be built within the next three-years. Manoj Jain stated that the company is currently working on a liquid hydrogen capacity increase and that the progress made on the prototype would impact its overall investments. He also said that an announcement on the matter will be made after 18 months.
Jain gave details about the matter, stating that it is currently in the process to procure a 10 MW liquid hydrogen facility, which is expected to be the largest in India, and is looking for an electrolyser. It invested Rs 7,700 crore in all activities during FY22. This included the core transmission business and petrochemicals.
The chairman stated that GAIL is still waiting for approval from the government to monetise its assets and said that the company expects to monetise Rs 4,000 crore in FY23. Jain said that the company’s activities on the production and exploration side will be restricted to one asset it is pursuing in Myanmar, where it is investing money.