Shares of Gail India were trading green on 24 August, a day after its chairman Sandeep Kumar Gupta had said the company was targeting a capital expenditure of around Rs 30,000 crore over the course of the next three years.

During the company’s annual general meeting, the Chairman of Gail India, Sandeep Kumar Gupta, said that the capital expenditure would mainly be used for ongoing petrochemical projects, city gas distribution projects, pipelines, and equity contributions in-group members.

The company has also issued an expression of interest (EoI) to explore opportunities for equity acquisition in the US, where it could convert natural gas into a liquid form.

Gail India is also in the process of establishing a 10-megawatt green hydrogen production facility by using a polymer electrolyte membrane water electrolyser. The facility will align with the government’s National Hydrogen Energy Mission and is expected to be commissioned by December 2023.

He added due to the rising demand for petrochemicals in India, India is expected to account for over 10% of the additional global growth in the petrochemical sector in the coming decade.

At 1:45 pm, the shares of Gail India were trading at Rs 118.50 or 0.64% above its previous close on NSE.