ExxonMobil Corp., the world’s most valuable energy company, may shortly form a partnership with state-owned GAIL (India) Ltd to set up a green energy platform in India.
The US oil firm’s increasing focus on India is an acknowledgement of the growing importance of the world’s third largest energy consumer. The proposed joint venture (JV) to be announced shortly by the Irving, Texas-based firm also marks a change in the global energy architecture, with India at the centre of oil majors’ future growth plans.
The proposed ExxonMobil-GAIL tie-up comes against the backdrop of Infrastructure Leasing and Financial Services Ltd (IL&FS) agreeing to sell its 874 megawatts (MW) operational wind energy portfolio to the state-run gas utility for ₹4,800 crore in its first asset sale since it started defaulting on payments last year. Read More