Indraprastha Gas Limited (IGL) has announced that it has entered into a Joint Venture Agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) for the development of a solar power project in Rajasthan. This move comes after IGL’s board approval on March 29, 2025, to diversify into renewable energy through partnerships in the state.
As per the agreement, the new joint venture company will have equity participation in the ratio of 74:26, with IGL holding 74% and RVUNL holding 26%. The Board of Directors of the JV will consist of six members—four nominated by IGL and two by RVUNL. The company will begin operations with an initial paid-up capital of Rs 5 lakh, divided into 50,000 equity shares of Rs 10 each.
IGL clarified that the transaction does not fall under related-party transactions. However, it is worth noting that GAIL (India) Limited, the promoter company of IGL, had also entered into a Joint Venture Agreement with RVUNL earlier on July 29, 2025.
Through this partnership, IGL aims to expand its footprint in the renewable energy space and contribute to India’s clean energy transition. Any amendments or termination to the agreement in the future will be disclosed to the stock exchanges as per SEBI norms.
