India's biggest fuel retailer, Indian Oil Corporation Ltd will invest Rs 7,000 crore in the new city gas distribution projects, the company said in a statement on Sunday. This is over and above the Rs 20,000 crore investments that were already planned for the vertical.
The announcement follows the latest CGD bidding process where Indian Oil bagged nine out of the 15 high potential geographical areas. After the 11th round of CGD bidding, Indian Oil - along with its two joint venture companies - has presence in 49 geographical areas and 105 districts across 21 states and union territories, it said.
The Petroleum and Natural Gas Regulatory Board had invited bids for 65 geographical areas under this round of auction. India is targeting to double the share of gas to 15% of its overall energy mix by 2030.
The acquisitions are significant as the recently acquired geographical areas include major districts like Jammu, Pathankot, Guntur, Tuticorin, Madurai and Haldia, among others, the company said in its statement. These contain high demand customers across the spectrum for piped natural gas and compressed natural gas.
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