Newsletter
Indraprastha Gas announced a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) to set up a solar power project in the state. Investors cheered the update as shares closed 3% higher.
The deets: the JV will have equity participation in a 74:26 ratio, with IGL holding the majority. Its board will comprise six directors including four nominated by IGL and two by RVUNL. The venture starts with an initial paid-up capital of ₹5 lakh, split into 50,000 equity shares of ₹10 each.
Why it matters: IGL is best known for distributing compressed natural gas (CNG) and piped natural gas (PNG) in Delhi-NCR. With this JV, it is taking a step into renewables, aligning with India’s clean energy transition.
The move diversifies IGL’s portfolio beyond gas, giving it a foothold in solar power and reducing dependence on a single fuel business in the long term.
Zoom out: solar power is the fastest-growing part of India’s energy mix. The country has already crossed 82 GW of installed solar capacity, with a target of 292 GW by 2030.
Rajasthan, blessed with high solar radiation and vast land, is at the centre of this growth story. Big names from Adani to NTPC are also expanding projects there.
