GAIL to invest in CBG start-ups
In a bid to support start-ups operating in the area of Compressed Bio Gas (CBG), GAIL (India) Limited announced plans to invest in such companies through its start-up initiative Pankh.
It has opened a fresh fifth round for solicitation of investment proposals from start-ups operating specifically in the area of CBG. Start-ups that provide technology or are planning to expand their existing CBG plants or setting-up new CBG plants can submit their investment proposal on GAIL web portal https://gailebank.gail.co.in/GSUICBG/index.aspx. The solicitation round is open till July 24.
India has vast biomass resources and the government is giving special emphasis on its utilisation by encouraging setting-up of CBG plants. Further, oil and 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.
The initiative was launched 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.