Adani Total Gas Ltd (AGTL), a joint venture between billionaire Gautam Adani-led Adani Group and France-based TotalEnergies, plans to invest a total of Rs 20,000 crore over the next eight years on development of city gas distribution (CGD) projects after it recently won licenses for 14 new geographical areas (GAs) in the 11th round of bidding for these projects by the Petroleum and Natural Gas Regulatory Board (PNGRB), the company said in a statement on January 31.
The company said it had an existing commitment to invest Rs 8,000 crore, to which another Rs 12,000 crore would be added for the new projects. With the new GAs, ATGL is now the largest city gas distribution company in the country catering to 52 GAs, 19 of which are operated along with its strategic JV partner Indian Oil Corporation.
“Now with the authorization of additional 14 geographical areas, our presence expands from 39 to 95 districts. ATGL will now be catering to 10% of the country’s population with cleaner fuel for households as well as for transportation. Therefore, ATGL is fully committed to play a pivotal role in meeting the clean energy needs of India and this strategic expansion is fully aligned with our commitment of nation building,” said Suresh Manglani, chief executive officer, Adani Total Gas.
The Gautam Adani-led utility firm sells piped natural gas (PNG) to industries, commercial outlets and households and compressed natural gas (CNG) for vehicles.Shares of Adani Total Gas shares closed at Rs 1,822.15 a piece, almost flat from its previous close on the BSE.
Source : Money Control
