Indian Oil and Adani Energy Ltd signed a MoU for setting up 50:50 city gas distribution joint venture. Adani Energy is the gas distribution arm of the Gujarat-based Adani group. City gas distribution (CGD) includes supply of compressed natural gas as auto fuel and piped natural gas for domestic, commercial and industrial use.
The joint venture expected to be incorporated this fiscal, will undertake CGD activities on behalf of both the companies in Uttar Pradesh, Haryana, Rajasthan, Punjab and Madhya Pradesh. Expansion in other States may also be considered on mutually agreed terms and conditions. Apart from bidding for new CGD circles with the Petroleum and Natural Gas Regulatory Board (PNGRB), the IOC-Adani venture will also acquire Adani''s interests in CGD sector at Lucknow, Noida and Khurja in UP, Faridabad in Haryana and Udaipur and Jaipur in Rajasthan. Adani Energy, however, will continue to manage its existing Rs 400-crore CGD operations in Ahmedabad and Vadodara in Gujarat.
The joint venture expected to be incorporated this fiscal, will undertake CGD activities on behalf of both the companies in Uttar Pradesh, Haryana, Rajasthan, Punjab and Madhya Pradesh. Expansion in other States may also be considered on mutually agreed terms and conditions. Apart from bidding for new CGD circles with the Petroleum and Natural Gas Regulatory Board (PNGRB), the IOC-Adani venture will also acquire Adani''s interests in CGD sector at Lucknow, Noida and Khurja in UP, Faridabad in Haryana and Udaipur and Jaipur in Rajasthan. Adani Energy, however, will continue to manage its existing Rs 400-crore CGD operations in Ahmedabad and Vadodara in Gujarat.
No comments:
Post a Comment