Bharat Petroleum Corporation Limited will invest Rs 10,000 crore in setting up gas distribution networks in 6 cities
On Tuesday, Bharat Petroleum Corporation Limited announced it will finance Rs 10,000 Crore over the following 5 years in putting up city gas distribution systems in 6 cities after arising as the victor in the previously 11th bidding session of Petroleum and Natural Gas Regulatory (PNGRB).
In the recent bidding session, BPCL had earned 6 GAs in 19 regions for putting up City Gas Distribution (CGD) systems.
Out of the 61 Gas agencies that earned proposals in the 11th session CGD bidding, Megha Engineering and Infrastructures Limited bought 15 licences, Adani Total Gas limited bought 14 and nation-occupied Indian Oil Corporation high ability 9 Gas Agencies.
The company declared in the regulatory filing that The CGD specks of BPCL, along with it’s JVs, will directly broaden to 48 GAs coating 94 Districts in 18 States, all over India. Nowadays, with existence in 63 districts, encompassing prominent towns, BPCL along with its JVs together clasp 33% market stake in the CGD category in the nation.
BPCL moreover asserted that After the statement of outcomes of bidding, BPCL’s perpetrated undertaking in city gas distribution network, on a standalone purpose, would boost to over Rs 22,000 crore for improvement of 23 GAs, encompassing Rs 10,000 crore for the 6 fresh GAs.
BPCL, which acquires oil refineries at Mumbai, Kochi, and Bina in MP, had a city gas license for 38 GAs previous to earning 6 in the deadest bid session.
Of the permissions it already clasps, BPCL has delegated CNG and piped natural gas allowances in several locales in Maharashtra, Uttar Pradesh, Himachal Pradesh, Punjab, and Haryana, as per the company’s deadest investor demonstration.