New Delhi: In a bid to encourage start-ups operating in the area of renewable and alternate energy sources like Compressed Bio Gas production, GAIL (India) Limited has opened its 4th round of applications for Solicitation of Investment Proposals from start-ups operating in the sphere.
Speaking on the occasion, Dr Ashutosh Karnatak, CMD (Chairman and Managing Director), GAIL, said, "We are enthused to support the Start-Up India Mission on the clarion call of 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. I hope that start-ups funded by GAIL shall turn into successful companies in the long-run and help in realisation of nation's vision of becoming a gas-based economy."
Considering the vast biomass resources in the country and the government's special emphasis on its gainful utilisation, GAIL plans to invest in start-ups operating in this high growth area. GAIL's 4th round for Solicitation of Investment Proposals from start-ups operating in the area of renewable and alternate energy sources, like Compressed Bio Gas production, shall remain open till January 24, 2020. The start-ups looking for an equity investment from GAIL can apply online on the website www.gailonline.com. GAIL had launched its ambitious start-up initiative 'Pankh' in July 2017 to invest in promising start-ups. GAIL has made investments in 24 start-ups operating in various areas so far.
The news comes in the backdrop of Petroleum Minister Dharmendra Pradhan declaring at various crucial energy summits/forums in 2019 that the government is looking to turn India into a gas-based economy. Addressing the global energy sector at ADIPEC 2019 (Abu Dhabi International Petroleum Exhibition & Conference) in Abu Dhabi in November 2019, Pradhan had said that the BJP government is working to increase the share of gas in India's energy mix to 15 percent by 2030.