Gail to double share capital; add specialty chemicals, clean energy to businessGAIL - 136 Change: 4.15 (3.15 %)
News: GAIL (India) Ltd wants to double its share capital as well as add specialty chemicals and clean energy to its line of business as it looks to diversify business beyond natural gas transmission and distribution. GAIL has sought shareholder approval to increase the authorised share capital of the company to Rs 10,000 crore from the current Rs 5,000 crore to help raise finance for its expansion plans over the next 3-4 years.
View: The company wants to set up ethanol manufacturing plants to produce green fuel from biomass that can be mixed with petrol. The firm is also keen to enter the green hydrogen business as well as diversify into providing risk management services for its customers. The green push is part of the government's ambitious target for ramping up India's non-fossil fuel energy capacity to 500 gigawatts by 2030 and meeting 50 per cent of the nation's energy requirements from renewable sources.