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GAIL to invest in start-ups in area of Compressed Bio Gas
New Delhi, July 10, 2020
In a bid to support start-ups operating in the area of Compressed Bio Gas (CBG), the public sector natural gas major GAIL (India) Limited today announced plans to invest in such companies through its start-up initiative "Pankh".
GAIL has opened a fresh Round for Solicitation of Investment Proposals from Start-Ups operating specifically in the area of CBG.
A press release from the company said that the start-ups that are interested in equity investment from GAIL can apply on its website gailonline.com. The Solicitation Round is open till July 24, 2020.
"India has vast biomass resources and the Government is giving special emphasis on its utilization by encouraging setting-up of CBG plants. Further, Oil & Gas Companies are ready to give commitment for offtake of CBG through issue of Letter Of Intent (LOI). Thus, it provides good business opportunity to start-ups operating in this area.
"Start-Ups operating in any of the following areas of CBG can apply in this round: (i) Start-Ups providing technology (ii) Start-Ups planning to expand their existing CBG plants (iii) Start-Ups planning to set-up new CBG Plants," the release said.
GAIL had launched its Pankh in July 2017 to invest in promising start-ups. So far, GAIL has made investments in 24 start-ups operating in various areas through four Solicitation Rounds.