IndianOil Corporation Ltd is to invest over ₹20,000 crore in the city gas distribution business over the coming five-eight years. Speaking to presspersons at a press conference after the company’s first-quarter results, IOCL Chairman, Sanjiv Singh said, “We are going to invest ‘at least’ ₹20,000 crore for the city gas distribution business in the projects we have won during the ninth round of bids.”
The Petroleum and Natural Gas Regulatory Board had called for bids to develop city gas distribution infrastructure in 86 geographical areas (GAs). IndianOil has bagged rights to develop seven GAs on its own and nine GAs in joint venture with Adani Gas.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.