GAIL Plans ₹650 Crore Investment in LNG Retail, Targets 50% Market Share

15 Mar 2024 , 03:44 PM

GAIL plans to venture into LNG retail sector, investing ₹650 Crore to establish LNG dispensing stations along major highways and mining areas.

Aims to achieve over 50% market share in the next 5-6 years, as per regulatory filing on March 14. Focus on reducing carbon footprint by transitioning transport fuel from diesel to LNG.

Recently, GAIL, along with ONGC and Shell Energy India, signed an MoU to explore ethane and hydrocarbon import opportunities. GAIL Gas announces a price reduction of ₹2.50/kg in CNG prices across 20 key locations on March 9.

Company reports a substantial surge in consolidated net profit to ₹3,193.34 Crore in the December quarter, compared to ₹397.59 Crore in the same period last year.

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