Adani Total Gas Ltd to invest Rs 20,000 Cr in CGD sector in the next eight years

Adani Total Gas Ltd (ATGL), India's largest private CGD company and a joint venture between the Adani Group and TotalEnergies, has won licenses to expand its City Gas Distribution (CGD) network to 14 new Geographical Areas (GAs) in the recently concluded 11th round of CGD bidding by the Petroleum and Natural Gas Regulatory Board (PNGRB). ATGL is now the largest city gas distribution company catering to 52 GAs, 19 of which are operated along with its strategic JV partner Indian Oil Corporation. These 52 GAs account for 15% of the country covering 124 districts across 18 States and 3 UTs.

"Adani Total Gas is one of India's pioneers in environment-friendly piped natural gas (PNG) and compressed natural gas (CNG). Now with the authorization of additional 14 geographical areas, our presence expands from 39 to 95 districts," said Mr. Suresh Manglani, CEO, Adani Total Gas Ltd. "With strong support from the Adani Group and TotalEnergies, ATGL is committed to the expeditious development of CGD networks across all these new 52 districts. ATGL will now be catering to 10% of 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."

With an increasing basket of products and services in the clean energy sector, ATGL is committed to provide convenient and environment-friendly natural gas for cooking and water heating to more than 9 million households, economic transport fuel for vehicles by establishing around 2,000 CNG Stations and clean fuel to industrial and commercial consumers. To achieve these ambitions, ATGL will be investing Rs 12,000 Cr. in these 14 additional GAs, taking ATGL's total commitment in the clean energy sector to Rs 20,000 Cr.

Shares of Adani Total Gas Limited was last trading in BSE at Rs. 1822.15 as compared to the previous close of Rs. 1822.45. The total number of shares traded during the day was 7602 in over 503 trades.

The stock hit an intraday high of Rs. 1890.00 and intraday low of 1785.60. The net turnover during the day was Rs. 14166853.00.

Source : Equity Bulls

Keywords

AdaniTotalGas INE399L01023 ATGL CGD LicenseWin PNGRB