State-run GAIL (India) Ltd, India’s largest natural gas company, is eyeing opportunities in solar manufacturing. It plans PV manufacturing in partnership with an undisclosed company establishing an integrated solar manufacturing project comprising metallurgical grade silicon, polysilicon, ingot/wafers, cells, modules, and solar glass through a special purpose vehicle (SPV).
GAIL and its prospective partner wish to undertake the PV manufacturing project through the SPV jointly. GAIL may acquire a suitable equity stake in the SPV as agreed between the two parties.
To evaluate the opportunity, GAIL seeks a consultant to conduct a due diligence study for the project based on data/information made available by GAIL’s prospective partner/SPV. If the study’s outcome is favorable, GAIL and its prospective partner may proceed with the transaction subject to respective board approvals.
GAIL has diversified into renewable energy with a portfolio of 118 MW of wind and about 14 MW of solar. To further reduce its carbon footprint and expand its presence in renewables, it is looking at opportunities to increase renewable capacity and start solar manufacturing.
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