New Delhi: If you are an entrepreneur and have a start-up which deals in compressed bio-gas (CBG), then this piece of news is for you. Also if you don't have a start-up that deals in CBG, it's a good business idea. Maharatna gas PSU GAIL (India) Limited, a PSU under the Ministry of Petroleum & Natural Gas, announced on Friday that it is planning to invest in such companies through its start-up initiative ‘Pankh.’ Pankh initiative by GAIL is dedicated to supporting start-ups operating in the area of (CBG).
To facilitate these start-ups, GAIL has opened a fresh round for solicitation of investment proposals from start-ups operating specifically in the area of CBG. The start-ups that are interested in equity investment from GAIL can apply on GAIL’s website www.gailonline.com. The solicitation round is open till July 24, 2020.
India has vast biomass resources and the government is giving special emphasis on its utilisation by encouraging the setting-up of CBG plants. Further, oil and gas companies are ready to give a commitment to offtake of CBG through the issuance of Letter Of Intent (LOI). Thus, even if you don't have a job or one of the pink-slip getters in the ongoing coronavirus crisis and are looking for start-up ideas, it provides a good business opportunity to start-ups operating in this area.
The start-ups operating in any of the following areas of CBG can apply in this round:
- Start-Ups providing technology,
- Start-Ups planning to expand their existing CBG plants
- Start-Ups planning to set-up new CBG Plants
GAIL had launched its ambitious start-up initiative ‘Pankh’ in July 2017 to invest in promising start-ups. So far, GAIL has made investments in 24 start-ups operating in various areas through four solicitation rounds.
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