Indian Oil Corporation Limited (IOCL) has won city gas licenses for nine out of 15 high-possible topographical regions (Gas) and plans to contribute Rs 7,000 crore for foundation advancement in these Gas.
The Petroleum and Natural Gas Regulatory Board (PNGRB) has looked for offers for creating 65 Gas in the eleventh round of offering. It had gotten more than 430 offers, including IOCL, the most elevated bidder with 53 offers. Adani, Think Gas and Hindustan Petroleum Corporation Limited (HPCL) were among other large bidders in the eleventh round of offering.
As per IOCL, the organization had won offers, comprising of 33% of the interest capability of all Gas during the eleventh round of offering. The interest possible differs starting with one permit region then onto the next in light of populace and monetary profile, and the organizations contend in zones with more enterprises and vehicles.
Director of IOCL, Shrikant Madhav, said that the organization had won offers for the most recent city gas dissemination (CGD) offering in nine high-possible Gas north of 26 areas. After this success, IOCL will arise as a predominant player in the Indian CGD market.
The Gas for which IOCL won the offering are Jammu, Pathankot, Sikar, Jalgaon, Guntur, Tuticorin, Tirunelveli, Kanyakumari, Madurai, Dharmapuri and Haldia.
After the eleventh round of offering, IOCL and its joint endeavor (JV) organizations are available in 49 Gas across 105 areas. They would create 28% of the consolidated city gas potential in the last three rounds of offering. IOCL itself will have a presence in 26 Gas across 68 locale.