Business

IOC To Invest Rs 7,000 Crore In City Gas Distribution Networks

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Indian Oil will invest Rs 7,000 crore in setting up city gas circulation networks across countryNew Delhi: Indian Oil Corporation (IOC) on Sunday stated it will invest over Rs 7,000 crore in setting up city gas circulation (CGD) networks in the cities for which it has protected a licence in the latest bidding round.IOC protected 33 percent of the need capacity that was up for grabs in the recently concluded 11th round of CGD bidding, cornering cities from Jammu to Madurai to Haldia, the firm said.Of the 61 geographical areas or GAs that received bids in the 11th round city gas distribution (CGD) bidding, IOC got 9 licenses to retail CNG to vehicles and piped cooking gas to homes.

Though the GAs it won were less than Megha Engineering and Infrastructures Ltd's 15 licences and Adani Overall Gas Ltd's 14, in the regards to demand prospective it got the maximum.

The nearest completing bidder was entrusted less than 20 percent of the need capacity in the bidding round in which IOC bagged 9 out of the 15 high prospective GAs, the business stated in a statement.

With this considerable win in the 11th bidding round, IOC and its associates would service almost 28 percent of the combined CGD capacity in the 3 rounds of bidding till now, which is far ahead of the next significant player.

The Petroleum and Gas Regulatory Board (PNGRB) last week opened the bids and selected initial winners.IOC's acquired GAs include significant districts like Jammu, Pathankot, Sikar, Jalgaon, Guntur (Amravati), Tuticorin, Tirunelveli, Kanyakumari, Madurai, Dharmapuri and Haldia (East Midnapore).

These districts include high demand customers across the industry-commercial-domestic spectrum for PNG (Piped Natural Gas) and CNG (Compressed Gas).

IndianOil plans to invest over Rs 7,000 Crore in these brand-new CGD Projects, over and above the Rs 20,000 crore already prepared for its CGD Vertical, the declaration said.Speaking on the celebration, IOC Chairman Shrikant Madhav Vaidya stated the business has a happy legacy of constantly aligning its growth agenda with nationwide priorities.




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