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GAIL India to invest in startups through 'Pankh', calls for proposals

The PSU has even opened a fresh round for solicitation of investment proposals from the startups which operate in natural gas, petrochemicals, energy, project management, bio-manure marketing, nano materials, IoT, data mining, environment, health and social.

April 05, 2021 / 03:58 PM IST
The public service undertaking has even opened a fresh round for solicitation of investment proposals [Representative image]

The public service undertaking has even opened a fresh round for solicitation of investment proposals [Representative image]

Indian government agency Gail (India), on April 5, said that it was going to invest in startups to operating in focus areas through its initiative ‘Pankh’.

The public service undertaking has even opened a fresh round for solicitation of investment proposals from the startups which operate in natural gas, petrochemicals, energy, project management, bio-manure marketing, nano materials, IoT, data mining, environment, health and social, it said in a regulatory filing.

No plan to split GAIL: Oil Minister Dharmendra Pradhan

"The further details of Focus Areas are available on GAIL website under GAIL PANKH Section. The Start-Ups that are interested in equity investment from GAIL can apply through link 'GAIL PANKH' on GAIL's website https://gailonline.com. The Solicitation Round is open from March 30, 2021 to May 30, 2021," the Gail statement said.

Earlier in March, Oil Minister Dharmendra Pradhan said that the Union government is not considering any proposal to bifurcate state-owned gas utility, adding that the firm is focused on building pipelines to connect gas sources to consumers to accelerate gas usage.

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GAIL is India's biggest natural gas marketing and trading firm and owns 60 percent of the country's 26,284-km gas pipeline network, giving it a stranglehold on the market.

The firm owns and operates a natural gas pipeline network that spans 15,673.3 kilometres, mostly in the western, southern and northern parts of the country. It is building more pipelines in the eastern region. The government has a 54.89 percent stake in GAIL India.

(With inputs from agencies)
Saurav Mukherjee
first published: Apr 5, 2021 03:58 pm

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