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New Delhi: Torrent Gas annonced it has signed a Share Purchase Agreement (SPA) with the promoters of Sanwaria Gas for the takeover of the company to provide Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) service in the geographical area of Mathura.
With this acquisition, it has now authorization to set up City Gas Distribution (CGD) network across 17 geographical areas spread over 33 Districts in seven states and one union territory.
The transaction is subject to approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) and fulfillment of other conditions.
The company said it plans to invest over Rs 8,000 crore for development of CGD network in these districts over five years, of which Rs 1,500 crore has already been invested. “The Sanwariya Gas acquisition is our fourth acquisition in the CGD sector in three years and we are happy about that,” Jinal Mehta, Director, Torrent Gas said.
Torrent Gas has been authorized to set up CGD infrastructure and sell CNG to vehicle users and PNG to industries and households in 33 districts across Uttar Pradesh, Gujarat, Maharashtra, Rajasthan, Punjab, Tamil Nadu and Telangana and Puducherry.
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