GAIL (India) Ltd has approved an investment of ₹3,294.86 crore to set up a greenfield 600 MW solar power project in Uttar Pradesh, as part of its expansion into renewable energy.
The project will include a 550 MWh co-located Battery Energy Storage System (BESS) and is expected to be completed within 15 months from the award of the EPC contract. The total project cost includes interest during construction, taxes, and associated expenses, and will be financed through a mix of debt and equity.
GAIL currently has an operational solar capacity of around 29 MW, with full utilisation, and the proposed addition marks a significant scale-up aligned with the company’s long-term growth strategy, stated the exchange filing.
Separately, on April 9, GAIL said it plans to borrow ₹50–60 billion in fiscal 2027 to fund its expansion, according to Reuters. The company has also procured three spot LNG cargoes to address supply disruptions stemming from the Iran conflict.
Q3 results
In its latest quarterly performance, GAIL reported a 27.6% year-on-year decline in profit to ₹1,602.6 crore for the third quarter ended December. Revenue slipped 2.7% to ₹34,075.8 crore, while EBITDA fell 17% to ₹2,655.2 crore. Margins narrowed to 7.8% from 9.1% a year earlier.
The company’s board approved an interim dividend of ₹5 per equity share for FY26.
Shares of GAIL (India) Ltd ended marginally lower on Monday, April 13, by 0.24% at ₹153.71 on the NSE.
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