GAIL Limited has entered into exclusive discussions to buy a stake in ACME Solar Holdings. GAIL is carrying out due diligence on solar power plants owned by ACME Solar and is yet to discuss financial terms with ACME’s shareholders. GAIL plans to pick up 49-74 per cent stake in ACME Solar if discussions progress towards a deal. GAIL is exploring investments in the renewable energy space as part of its diversification strategy and to create a hedge against volatility in natural gas prices. ACME Solar has a portfolio of 5.8 GW of solar projects.
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