Business Daily from THE HINDU group of publications
Monday, Mar 26, 2007
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Business Daily from THE HINDU group of publications Monday, Mar 26, 2007 ePaper |
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Corporate
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New Projects Industry & Economy - Petroleum Mahanagar Gas investing Rs 1,200 cr in expansion Rahul Wadke
Mumbai March 25 Mahanagar Gas Ltd plans to invest Rs 1,200 crore in the next five years to expand gas distribution infrastructure and its customer base. The expansion will be funded through internal accruals, Mr P.K. Gupta, Managing Director of Mahanagar Gas Ltd, said. He was talking to Business Line on the sidelines of a function to mark the launch of piped natural gas (PNG) distribution to South Mumbai on Sunday. The gas utility supplies PNG and CNG to the Mumbai metropolitan area. From the current customer base of 2.9 lakh, Mahanagar Gas plans to double it to six lakhin three years. Mr Gupta said that the company also plans to sell PNG to small industrial consumers in the State. For supplying gas, the company is also open to a joint venture with the Maharashtra Industrial Development Corporation, he said. Mahanagar Gas provides PNG to over 2.9 lakh homes and 850 small commercial and industrial consumers in the Mumbai metropolitan area. It also supplies CNG to vehicles through 126 CNG stations. Almost 52,000 taxies and cars and 1.24 lakh auto rickshaws in the region have converted to CNG. Mr Gupta said the company was keen on expanding gas supply network beyond the Mumbai metropolitan region and was targeting areas like Raigad and Pune. Expansion of network along the upcoming Reliance Industries Ltd trunk pipeline is also under consideration, he said. ONGC currently supplies gas to Mahanagar Gas under the administrative price mechanism. But in view of the growing demand, Mahanagar Gas is exploring possibilities of procuring gas from other players in the market. The projected demand in five years is 4.5 MMSCMD (million metric standard cubic metres per day) from the current 1.4 MMSCMD of gas, Mr Gupta pointed.
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