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Torrent Gas Signs Deal with Tamil Nadu to Invest Rs 50 bn on City Gas Distribution Infra

Torrent Gas has signed an agreement with the government of Tamil Nadu, committing to invest Rs 50 billion for the development of city gas distribution infrastructure in the state.

 

Torrent Gas was earlier authorised by Petroleum and Natural Gas Regulatory Board (PNGRB) to provide Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Chennai and Thiruvallur districts in the state.

 

“This investment of Rs 50 billion by Torrent Gas in development of CGD infrastructure is expected to have a major impact on the socio-economic development of the region by attracting fresh investment in the state which requires availability of natural gas as a prerequisite, improving the competitiveness of existing industries using natural gas and increased savings for families and small businesses using CNG and natural gas. The investment will also provide direct and indirect employment to more than 5,000 people,” Jinal Mehta, director, Torrent Gas, was quoted as saying in a statement.

 

Torrent Gas will be laying pipelines and other requisite infrastructure in Chennai and Thiruvallur districts over an area of 3,569 square kilometers to provide PNG connections to homes, industries and commercial establishments and CNG to vehicles. As part of the first phase of the infrastructure roll-out, the company aims to commission over 30 CNG stations in Chennai and Thiruvallur districts in the last quarter of the current financial year.

 

Torrent Gas has recently commissioned the first CNG station at Nagapattinam in Tamil Nadu and started the work of laying the pipelines.

 

In an interview in October, Mehta had said that the Ahmedabad-headquartered Torrent Group aims to hit the capital markets with an initial public offering of its gas utilities business, Torrent Gas, by financial year 2023-24.

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