GAIL Announces Rs 60,000-Crore Ethane Cracker Project In Madhya Pradesh

GAIL (India) Ltd. will set up an ethane cracker project in Madhya Pradesh's Sehore district for Rs 60,000 crore. Land for the project will be provided by MP Industrial Development Corp.

The 1,500-KTA project will be laid out on 800 hectares of land. The state government has already initiated the process for the provision, according to an exchange filing.

The company has asked the government to provide suitable enablers for the project, following which the company will ask the board for approval for the projects. It has yet to provide details on the mode of financing.

GAIL's maiden green hydrogen plant at Vijaipur in Madhya Pradesh was commissioned earlier this month and marked the company's foray into new and alternate energy.

The plant will produce about 4.3 tonnes of green hydrogen per day, with a purity of about 99.99% by volume. It uses electricity produced from renewable sources, such as solar energy, to split water to produce green hydrogen.

Shares of GAIL closed 2.86% lower at Rs 206.62 apiece, as compared with a 0.24% decline in the NSE Nifty 50 on Monday.