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IOCL to Pump Rs 5,463 Cr for City Gas Distribution Network

The Indian Oil Corporation (IOC) will make an investment of Rs 5,463 crore in setting up city gas distribution network for retailing CNG to automobiles and piped cooking gas to households in seven districts.

IOC had recently concluded ninth bid round for city gas licences won permits for seven cities on its own and another nine in a joint venture with Adani Gas.

IOC has won the bidding for implementation of city gas distribution (CGD) for seven geographical areas viz Coimbatore district, Salem district (Tamil Nadu), Bokaro district (Jharkhand), Rewa district (Madhya Pradesh), Aurangabad district (Maharashtra), Guna district (Madhya Pradesh and Jagtial district (Telangana).

The Board has accorded approval of the estimated total capital investment of Rs 5,463 crore on implementation of CGD projects. The investment in CGD business will help IOC to expand and consolidate its gas business.

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