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.
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