New Delhi: In a bid to grow its renewable energy (RE) portfolio, state-run Gas Authority of India Ltd (GAIL) is preparing to scan the sector for possible mergers and acquisitions. A notification released by GAIL showed that the company is looking to engage transaction adviser for evaluation the prospects for merger and acquisition in the renewable energy sector. The bids will open on November 10 and close on the same day. The scope of work includes technical due diligence, legal due diligence, tax and accounting, financial due diligence, and M&A transaction advisory services for the potential transaction based on the information made available by the seller.
According to the tender documents, any country that shares a land border with India will be eligible to participate in the bidding process only if the bidder is registered with the Competent Authority. Countries (even if sharing a land border with India) to which the Government of India has extended lines of credit or in which the Government of India is engaged in developmental work will also come under the same category.
GAIL is increasingly pivoting towards expanding its RE portfolio. The company currently has about 12 MW of solar and 118 MW of wind power capacities. GAIL is also currently implementing 1.8 MW captive solar energy PV project at Vijaipur unit in Madhya Pradesh. It had also recently sought approval from its shareholders to amend the charter of the company in order to start investing in renewable power projects, start-ups in the sector and EV charging infrastructure.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)