GAIL to foray into ethanol & hydrogen production
New Delhi: State-run GAIL is foraying into ethanol and hydrogen production and is also looking to expand its presence in the petrochemicals segment.
In his message to the shareholders, in the annual report of GAIL, the Chairman and Managing Director of the company, Manoj Jain said that the energy company will be selectively investing in the renewable energy domain given the future growth potential.
“Your 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, your company is also foraying into ethanol and hydrogen generation.”
He said that to promote new technologies, GAIL has invested in startups that focus on electric vehicles, digitisation among others.
Jain further said that the company is looking to expand its presence in petrochemicals and also diversifying into high-margin downstream businesses.
“The focus is on having Polypropylene (PP) production capacity through setting up two polypropylene units and assessing opportunities in certain speciality chemicals in India.”
He said that as a leading energy major, GAIL has aligned itself with the government’s vision to play a vital role in the fast-growing energy sector in the country.