GAIL announces plans to invest in promising start-ups; opens solicitation rounds

GAIL (India) Limited, country’s leading natural gas company, announced this afternoon about its plans to invest in start-ups operating in its focus areas via its start-up initiative, ‘Pankh’.   

The company has opened a fresh round for solicitation of investment proposals from the start-ups operating in its focus areas, which comprises natural gas, petrochemicals, energy, project management, bio-manure marketing, nanomaterials, internet of things (IoT), data mining, environment, health and social. The solicitation round opened on March 30 and would continue till May 30, 2021.   

The start-ups that are interested in equity investment from GAIL can apply on the company’s website. The factors that will be taken into consideration while shortlisting a start-up comprise of experience of founders in focus areas or its related business, stage of start-up, a brief synopsis of proposal & product/services to be offered and targeted customers, to name a few. Upon shortlisting, GAIL’s equity investment will be limited to 20 per cent of the total equity of the start-up.   

Inaugurated in July 2017, the main aim of the initiative ‘Pankh’ is to identify, invest and nurture start-ups that can become successful companies in the long run and provide profitable returns from this diversification. Until now, it has invested in 28 start-ups operating in various areas.  

At 2.45 pm on Monday, the share price of GAIL (India) Limited stood at Rs 135.65 on BSE, which was a decrease of 3.21 per cent from Thursday’s closing day price of Rs 140.15.