GAIL to acquire 49% stake in Leafiniti Bioenergy for new compressed bio gas projects
Currently, LBPL is a wholly owned subsidiary of TruAlt Bioenergy Limited (TBL), and once the transaction is complete, TBL and GAIL will hold 51% and 49% stakes respectively. This partnership aims to develop new Compressed Bio Gas (CBG) projects through LBPL, supporting India's growing focus on clean and sustainable energy.
As part of the agreement, the board of LBPL will consist of four directors, equally nominated by GAIL and TBL. The chairmanship of the board will rotate every three years between the two shareholders, with GAIL nominating the first chairman. Leadership roles will include a CEO nominated by LBPL and a CFO nominated by GAIL. The agreement grants GAIL the right to participate in any fresh share issuances proportional to its shareholding, along with affirmative voting rights on any changes to the company's share capital structure. Additionally, GAIL has been accorded protective rights such as the Right of First Refusal and Tag Along rights in case TBL decides to sell its equity to a third party. A lock-in period of five years from the closing date, or three years from the commissioning of six CBG projects, whichever is earlier, ensures stability for this partnership.
This transaction is not related to any promoter or promoter group companies and has been conducted at arm's length, maintaining transparency and strong corporate governance. The deal underscores GAIL's commitment to diversifying its energy portfolio and investing in sustainable fuel alternatives. By joining hands with LBPL, GAIL aims to contribute to India's renewable energy goals through innovative bioenergy solutions.
Ahmedabad Plane Crash
Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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