Gujarat Gas Limited (GGL) has signed a gas sales agreement with Waaree Energy on Thursday (July 31) to supply 50,000 scmd of piped natural cas (PNG) for its upcoming lithium-ion cell manufacturing unit in Valsad, Gujarat.
The plant is expected to be commissioned in Q4 of FY25-26 and represents a key stride toward sustainable energy adoption and a reduced carbon footprint.
India currently imports the bulk of its lithium-ion batteries, but as per CareEdge, this reliance is projected to drop to 20% by FY26-27.
The cells are vital components in electric vehicles, portable electronics, and battery energy storage systems (BESS), a sector playing a pivotal role in grid stability and renewable energy integration.
The partnership is positioned to significantly boost India’s clean energy ecosystem. Waaree Energies Ltdthe country’s largest solar PV module manufacturer with 13.3 GW installed capacity (CRISIL report), is diversifying into lithium-ion, hydrogen cells, and solar wafer production.
GGL is India’s top city gas distribution firm, supplying fuel to over 22.67 lakh households, 4,000+ industries, and managing 828+ CNG stations across seven regions.
Waaree Energies Q1 Results
Waaree Energies delivered a robust April–June quarterposting a 20.3% jump in consolidated net profit to ₹745 crore, up from ₹619 crore in Q4FY25. Operational efficiency and cost control drove a sharp rise in EBITDA to ₹997 crore — a 73.4% increase quarter-on-quarter, boosting the EBITDA margin to 22.5% from 14.3%.
The company’s revenue also climbed 10.5% sequentially to ₹4,425 crore, reflecting improved realisations and strengthening business momentum.
Also Read: JSW Energy Q1 Results: Profit jumps 42% YoY on renewable energy, thermal scale-up
Shares of Gujarat Gas slipped 1.45% to close at ₹442 on the NSE on Thursday, July 31, down ₹6.50. Meanwhile, Waaree Energies fell 4.85%, ending the session at ₹2,990.90, down ₹152.60.
First Published: Jul 31, 2025 7:30 pm IS
