Indian Oil Corporation (IOC), the nation’s largest oil firm, stated that 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.
The company secured 33 per cent of the demand potential in the recently concluded 11th round of CGD bidding, from Jammu to Madurai to Haldia.
The company added that it has received 9 licenses to retail CNG to automobiles and piped cooking gas to households, out Of the 61 geographical areas that received bids in the 11th round city gas distribution (CGD) bidding.
The Petroleum and Natural Gas Regulatory Board (PNGRB) last week opened the bids and decided on preliminary winners.
(With inputs from PTI)
