GAIL (India) Limited, a state-owned company and the largest natural gas processing and distribution company in India, is exploring the potential of solar manufacturing. The company plans to manufacture photovoltaic (PV) panels in partnership with an undisclosed firm, establishing an integrated solar manufacturing project that will involve producing metallurgical grade silicon, polysilicon, ingot/wafers, cells, modules, and solar glass through a special purpose vehicle (SPV).
GAIL and its partner intend to collaborate on the PV manufacturing project through the SPV jointly, and GAIL may acquire a suitable equity stake in the SPV if both parties agree. To evaluate the opportunity, GAIL has invited bids from eligible bidders for appointment of consultant for evaluating opportunity in solar manufacturing. The scope of work would be to conduct a due diligence study for the project based on data and information provided by its prospective partner/SPV.
If the consultant’s findings are favorable, GAIL and its partner may move forward with the transaction subject to approval from their respective boards.
