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Published 12:25 IST, February 9th 2024

Indian Oil-Adani Gas joint venture announces Rs 2,500 crore investment

The company, formed as an equal partnership between Indian Oil Corp and Adani Total Gas, currently boasts a network of 300 retail outlets.

Reported by: Business Desk
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Indian Oil-Adani Gas Pvt Ltd has unveiled ambitious plans to invest Rs 2,500 crore over the next four years, with the aim of doubling its gas sales to small industries and households across India. This announcement was made by S.K. Jha, a director within the joint venture, on Friday.

The company, formed as an equal partnership between Indian Oil Corp and Adani Total Gas, currently boasts a network of 300 retail outlets, through which it sells approximately one million standard cubic meters of gas daily.

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Jha, who also holds the position of executive director in Indian Oil's city gas distribution business, highlighted the joint venture's target of doubling gas sales within the stipulated four-year period. To achieve this goal, the company plans to bolster its infrastructure by expanding its retail outlet network to over 600 locations across India.

The investment underscores joint venture's commitment to meeting the burgeoning demand for gas in India. With a focus on enhancing accessibility and affordability, Indian Oil-Adani Gas Pvt Ltd aims to play a pivotal role in facilitating the adoption of gas as a clean and efficient energy source among diverse consumer segments.

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(With Reuters inputs)
 

12:25 IST, February 9th 2024