Torrent Gas acquires Sanwariya Gas to put Mathura city gas licence in bag
NEW DELHI: Torrent Gas is to take over Sanwariya Gas, the company that has licence to operate CNG (compressed natural gas) and PNG (piped natural gas) in the holy city of Mathura, UP.
“Torrent Gas, through its wholly-owned subsidiary, has signed a share purchase agreement (SPA) with the promoters of Sanwariya Gas for the takeover of the company,” the Ahmedabad-based pharma-to-power conglomerate said in a statement on Tuesday without divulging the financial details of the deal.
Sanwariya Gas is the fourth acquisition in the city gas distribution sector, the statement quoted Torrent Gas director Jinal Mehta as saying. The acquisition expands the company’s city gas footprint to 17 geographical areas covering 33 districts in seven states and one union territory. Torrent’s city gas licences cover about 7% of India’s population.
Torrent plans to invest over Rs 8,000 crore in the development of these networks over the next five years. Some Rs 1,500 crore has already been invested, the statement said.
