GAIL to bid for 400MW solar capacity

New Delhi: Gas utility will bid for 400MW solar power capacity being auctioned by SECI (formerly Solar Energy Corporation of India), making it the latest state-run oil and gas company to bet big on renewable energy for a low-carbon future.

“GAIL will bid for three projects being auctioned by SECI in Rewa, Madhya Pradesh,” company chairman Manoj Jain told TOI on Wednesday.

Separately, the company posted a profit of Rs 1,908 crore for the January-March quarter, down 36% from Rs 3,018 crore a year ago. Sequentially, however, profit was up 28% from the third quarter. On proposed outlay for renewables, Jain said funds “are not a problem for GAIL as we practically have no debt.