GAIL to fund start-ups in renewable and alternate energy space

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GAIL (India) Limited has opened its fourth round of applications for solicitation of investment proposals from startups operating in the area of renewable and alternate energy sources like compressed bio gas production.

Start-ups looking for an equity investment from GAIL can submit proposals online on the website www.gailonline.com till January 24, 2020.

GAIL had launched its ambitious Start-Up initiative ‘Pankh’ in July 2017 to invest in promising start-ups. Under the initiative, it has created a corpus of Rs 500 million for investment in start-ups that can become successful companies in the long run.

GAIL has carried out three rounds of solicitation till now and identified 24 start-ups for investment.

Speaking on the launch of fourth round, GAIL chairman and managing director Dr Ashutosh Karnatak said, “We are enthused to support the Start-Up India Mission on the clarion call of Hon’ble Prime Minister Narendra Modi. The role of young people in shaping the world’s economy is clear. India’s young generation of entrepreneurs have the potential to develop innovative ideas into successful business ventures.