State-owned gas utility GAIL (India) Ltd. on Friday announced that it will set up a wind project in Maharashtra. The project is estimated to require an investment of Rs 1,736.25 crore, the company said in an exchange filing.
The company will set up a greenfield 178.2 MW wind project for GAIL's business growth. The proposed capacity addition is to be completed in 24 months from the award of LSTK contract, GAIL said in its notification.
GAIL plans to use debt and equity financing modes to meet the requirement of Rs 1,736.25 crore investment for this project. The project was approved by the directors of the company on Friday.
GAIL's existing capacity is at 117.95 MW.
The announcement comes a day after GAIL conducted the groundbreaking ceremony for its upcoming R&D Centre at Sohna, Haryana. The centre will be developed over 85,000 square metres and will house seven key research verticals, including natural gas pipeline integrity and asset management, natural gas applications and NG/CO₂ valorisation, petrochemicals and polymers, renewables, biotechnology, nanotechnology, and advanced analytical sciences.
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GAIL's Q3 Performance
GAIL (India) reported a 27.72% sequential fall in the consolidated net profit to Rs. 1,602.57 crore in the third quarter of this financial year from Rs. 2,217.24 crore. Revenue was at Rs. 34,051 crore compared with Rs. 35,008 crore, down 2.7%. Ebitda was reported to be up 16.7% to Rs 2,655 crore versus Rs. 3,191 crore. Margin is seen at 7.79% versus 9.11%.
GAIL's Share Price Today
The announcement of the new project came after market hours. The stock settled 0.25% lower at Rs 169.53 apiece on the NSE, compared to a 1.25% decline in the benchmark Nifty 50. The shares earlier during the day fell as much as 1.35% to Rs 167.67 per share.
GAIL's shares have risen 6.38% in the last 12 months and fell 1.53% year-to-date.
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