Indraprastha Gas receives authorisation for CGD in new geographies

Indraprastha Gas (IGL) informed the bourses that it has secured three letters from Petroleum and Natural Gas Regulatory Board (PNGRB) for grant of authorization to the company for development of city gas distribution network in the geographical areas of Kaithal District, Ajmer, Pali and Rajsamand District & Kanpur (except area already authorized) District, Fatehpur and Hamirpur districts.

Authorizing enable Indraprastha Gas to lay, build, operate or expand city or local natural gas distribution networks. The company had plans to add around six more CNG outlets and to connect 1,500 Domestic households in FY19 in Rewari and two CNG Station in Karnal area.

The company has been authorised for Meerut, Muzaffarnagar & Shamli geographical area in the 9th round of bidding by PNGRB.

At present, the IGL has its operations in NCT of Delhi, Noida, Greater Noida, Ghaziabad and Rewari with 463 CNG stations, 10.29 lacs residential consumers and ~4100 industrial/commercial customer. It is a Jjoint venture of GAIL and BPCL.

In Tuesday’s trading session, the stock of IGL closed for the day on a negative note at Rs. 301 apiece, down by nearly 1.6 per cent from the previous close.