Indian natural gas processor and distributor GAIL India Ltd (BOM:532155) is exploring the potential for launching solar product manufacturing along with an unnamed partner.
The state-owned company is looking to produce metallurgical grade silicon, polysilicon, ingot/wafers, cells, modules, and solar glass. Last week, it issued a tender in order to find a consultant to assist it in evaluating the business project’s potential.
Under the proposal, the solar manufacturing initiative will be conducted through a special purpose vehicle (SPV) owned by GAIL and its prospective partner. Provided that the outcome of the due diligence study is positive, the Indian firm will proceed with the plan, subject to board approvals, it said.
The solar production plan is aligned with GAIL’s strategy to diversify into gas processing, petrochemical, renewables and other integrated energy businesses. The company’s renewable energy portfolio consists of 118 MW of wind and 14 MW of solar assets.
Source: renewablesnow
