IOC bags city gas licenses for 9 geographical areas
Indian Oil Corp has bagged city gas licenses for 9 out of the 15 high-potential geographical areas (GAs) in the latest bidding round and plans to invest Rs 7,000 crore in developing infrastructure in these areas, the company said in a statement.
The Petroleum and Natural Gas Regulatory Board (PNGRB) had sought bids for 65 GAs in the XIth bidding round. It received more than 430 bids, including Indian Oil’s 53 bids, the highest by any party. Adani NSE 0.33 %, Think Gas, and HPCL NSE 0.94 % were other big bidders. PNGRB hasn’t yet put up the names of the winners on its website.
India Oil said the licenses it has won comprise 33% of the demand potential of all GAs offered in the XIth round.
