GAIL To Invest in Startups In Compressed Biogas Space
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GAIL (India), India’s largest state-owned natural gas processing and distribution company, on Friday announced its plans to invest in startups operating in the area of compressed biogas (CBG) through its start-up initiative ‘Pankh’.
GAIL has opened a fresh round for solicitation of investment proposals from startups operating specifically in the area of CBG. The startups that are interested in equity investment from GAIL can apply on GAIL’s website gailonline.com. The solicitation round is open till July 24, 2020.
A statement released by GAIL said, “India has vast biomass resources and the government is giving special emphasis on its utilization by encouraging setting up of CBG plants. Further, oil and gas companies are ready to give commitment for offtake of CBG through the issue of letter of intent. Thus, it provides a good business opportunity to startups operating in this area.”
CBG-based startups working in providing technology, planning to expand their existing CBG plants, or planning to set-up new CBG plants can apply in this round.
GAIL had launched its ambitious start-up initiative ‘Pankh’ in July 2017 to invest in promising startups. So far, GAIL has made investments in 24 startups operating in various areas through four solicitation rounds.