Indian Oil Corporation (IOC) on Sunday said it will invest over Rs 7,000 crore in setting up city gas distribution networks in the cities for which it has secured a licence in the latest bidding round.
IOC secured 33 per cent of the demand potential that was up for grabs in the recently concluded 11th round of CGD bidding, cornering cities from Jammu to Madurai to Haldia, the firm said.
Of the 61 geographical areas or GAs that received bids in the 11th round city gas distribution (CGD) bidding, IOC got nine licenses to retail CNG to automobiles and piped cooking gas to households. Though the GAs it won were less than Megha Engineering and Infrastructures Ltd’s 15 licences and Adani Total Gas Ltd’s 14, in terms of demand potential it got the maximum.
