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