GAIL (India) and Petron Scientech Inc (Petron) have inked a Memorandum of Understanding (MoU) to jointly explore setting up of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with its downstream unit(s) in India, based on bioethanol produced in the plant in a 50:50 Joint Venture (JV) mode. In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain technical viability and financial prospects of the project. Both the parties endeavour to secure investment approval from their respective management for investment in the project and forming a JV company.Powered by Capital Market - Live

Petron specializes in setting up biomass and grain processing biorefinery projects to produce ethanol, bio-ethylene, bio-chemicals (ethylene oxide / mono ethylene glycol, Methanol) and various bio-fuel projects worldwide. In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain technical viability and financial prospects of the project. Both the parties endeavour to secure investment approval from their respective management for investment in the project and forming a JV company. The company will set up bio ethylene plant along with its downstream units in India, based on bio-ethanol produced in the plant in a 50:50 Joint Venture (JV) mode. Singhal said, 'GAIL is a proud member of India's clean energy infrastructure and is always committed to incorporate initiatives for sustainable development of the nation. We are elated to enter into this strategic relationship with Petron, a pioneer in bio-ethanol to bio-ethylene technology. The MoU signifies a major step towards enhancing sustainable practices and advancing the bio-economy in India. The skills and strengths of both the companies would create a synergy for achieving the objective of MoU. The collaboration between GAIL and Petron is poised to not only foster technological advancements but also drive economic growth and environmental sustainability in India.' GAIL (India) is the largest state-owned natural gas processing and distribution company in India. The Company has a diversified business portfolio and has interests in the sourcing and trading of natural gas, production of LPG, Liquid hydrocarbons and petrochemicals, transmission of natural gas and LPG through pipelines, etc. GAIL has also participating interest in India and overseas in Oil and Gas Blocks. The Government of India holds 51.92% in the paid-up equity capital of the company as on 30 June 2024. GAIL's consolidated net profit jumped 77.54% to Rs 3183.35 crore in Q1 FY25 as compared with Rs 1792.99 crore in Q1 FY24. Revenue from operations (excluding excise duty) increased 5.94% YoY to Rs 34,737.77 crore during the quarter. The counter shed 0.15% to Rs 235.85 on the BSE. Powered by Capital Market - Live

Under the agreement, RRVUNL and GAIL shall explore the possibility of transferring RRVUNL's gas-based power plant located in Dholpur and Ramgarh, Rajasthan to a proposed joint venture company (JVC) between GAIL & RRVUNL. Further, both the companies will work together towards setting up of around 1,000 MW of solar and wind projects in suitable land parcels, thus creating an opportunity for round the clock (RTC) power. RRVUNL, a Government of Rajasthan Undertaking Company under the Energy Department, Government of Rajasthan, has been entrusted with the job of development of power projects in Rajasthan along with operation & maintenance of state-owned power stations. RRVUNL is also exploring various opportunities for securing power to meet the growing energy demand of Rajasthan. GAIL (India) is the largest state-owned natural gas processing and distribution company in India. The Company has a diversified business portfolio and has interests in the sourcing and trading of natural gas, production of LPG, Liquid hydrocarbons and petrochemicals, transmission of natural gas and LPG through pipelines, etc. GAIL has also participating interest in India and overseas in Oil and Gas Blocks. The Government of India holds 51.92% in the paid-up equity capital of the company as on 30 June 2024. GAIL's consolidated net profit jumped 77.54% to Rs 3183.35 crore in Q1 FY25 as compared with Rs 1792.99 crore in Q1 FY24. Revenue from operations (excluding excise duty) increased 5.94% YoY to Rs 34,737.77 crore during the quarter. Shares of GAIL (India) declined 2.61% to close at Rs 227.35 on Thursday, 8 August 2024. Powered by Capital Market - Live