IGL enter into a JV agreement to set up solar power project in Rajasthan; Check key details

Natural gas distributor Indraprastha Gas Ltd (IGL) on Monday, September 1, announced that it entered into a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) for setting up a solar plant in Rajasthan.

“In this regard, this is to inform that the company has entered into a joint venture agreement today with RVUNL for setting up of solar power project,” it said in a regulatory filing.

The joint venture (JV) between the two will have equity participation in the ratio of 74:26, meaning IGL will hold a 74% stake in the JV, while RVUNL will have a 26% shareholding, the firm added.

The JV’s board of directors will comprise six directors, including four nominated by IGL and two by RVUNL.

Furthermore, it will have an initial paid-up capital of ₹5 lakh, divided into 50,000 equity shares of ₹10 each, the release added.

IGL’s board of directors had initially approved the formation of the JV in March.

“This is to inform that the board in its meeting held today, i.e., March 29, 2025, has inter alia approved the setting up of solar plant in the State of Rajasthan through a Joint Venture with M/s Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), with an estimated equity investment of approx. ₹382 crores by IGL,” it had said.

IGL stock performance

Shares of IGL closed 2.06% higher at ₹211 apiece on the National Stock Exchange (NSE) on Monday. However, the announcement was made after the market closed.

The stock gained 1.9% over the week and 2.87% over the month. It surged 1.43% on a year-to-date basis.

While the scrip reached a 52-week high of ₹285.18 almost a year ago on September 2, 2025, it hit a year’s low of ₹153.05 per equity share on November 21, 2024.

IGL, a JV promoted by BPCL and GAIL, has a total market capitalisation of ₹29,540.03 crore, as of September 1, 2025, according to data on the NSE.