GAIL to double share capital; add specialty chemicals, clean energy to biz

GAIL (India) Ltd wants to double its share capital as well as add specialty chemicals and clean energy to its line of business as it looks to diversify business beyond natural gas transmission and distribution.

GAIL has sought shareholder approval to increase the authorised share capital of the company to Rs 10,000 crore from the current Rs 5,000 crore to help raise finance for its expansion plans over the next 3-4 years.

The firm is laying natural gas truck pipelines to create a national gas grid as well as expand city gas distribution as part of the government’s target of more than doubling the share of natural gas in the primary energy basket to 15 per cent by 2030.