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According to PTI, Adani Total Gas Ltd. is planning to invest Rs. 18,000 to Rs. 20,000 crores in the coming 8 to 10 years. The investment is being done to expand the infrastructure for retailing CNG to automobiles and piping gas to households and industries.
In 52 licenses that encompass 124 districts around the nation, the firm sells CNG to cars and pipes gas to homes' kitchens for cooking. There are 460 CNG stations in the nation, and roughly 7 lakh people use piping-based cooking gas.
In order to capitalize on the rising demand for cleaner fuel in the nation, it is trying to expand both its network of CNG stations and the pipeline system that carries the gas to homes and businesses.
According to Adani Total Gas Ltd's (ATGL) most recent annual report, the business spent more than Rs 1,150 crore (about $1,150 million) on new infrastructure in 2022–2023 (April 2022–March 2023).
"From a long-term standpoint, we remain enthusiastic about the possibilities for gas. As gas continues to be a favored clean energy source with high user safety, customer confidence, and delivery ease, there is a greater responsibility to reduce pollution, according to Parikh.
With this being said the firm is planning to invest more in creating infrastructure and expanding its network. "We intend to invest around Rs 18,000-20,000 crore in our city gas distribution (CGD) business over the next 8-10 years to build infrastructure that broadens our customer base and sustains revenue growth," he added.
AGTL CEO Suresh P Manglani stated that the company's objective is to expedite steel pipeline construction and the construction of CNG stations across the licenses in which it operates in order to achieve early monetization.
He further stated that he is elated that the company will build over 1,800 CNG stations in the coming 7-10 years, committing to connect every home across the geographical areas.
The company not only believes in scaling its core business of gas distribution but is on a journey to diversify its choice to CNG, compressed biogas, and EV charging.
The company is set to widen its service portfolio, making it a one-stop service provider for all. India increasing its share of natural gas to 15% of its energy mix by 2030 from its current 6%.
These moves have established a place for Adani total gas limited, even the CFO believes that the company is at the right place, right time, and in the right business to capitalize on the economy and generate healthy financials across the future.
(The news is in consideration with CNBC TV18)
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