Gujarat Alkalies and Chemicals Limited announced that it had, vide its letter dated May 10, 2022, informed the Exchanges about the signing of Term Sheet between the Company (GACL) and GAIL (India) Limited for setting up a 500 KLD Bioethanol plant in Gujarat. The Board of Directors of the Company at its Meeting held on February 7, 2023 has granted in-principle approval for the draft Joint Venture Agreement to be entered into between Gujarat Alkalies and Chemicals Limited and GAIL (India) Limited.