Indraprastha Gas to invest Rs 400 crore in network expansion across India

NEW DELHI: Making a formal announcement on acquiring 50% stake in Central UP Gas limited (CUGL), Indraprastha Gas Limited ( IGL) is looking to expand in several other parts of the country as well.

IGL plans to invest Rs 400 crore in augmenting its infrastructure to meet the growing demand of CNG and PNG, announced the chairman of IGL at its annual general meeting.

IGL currently has presence in Delhi, Noida, Greater Noida and Ghaziabad. By acquiring stake in CUGL, IGL would also now supply natural gas to automobile and household consumers in Kanpur and Barielly in UP.

"Assured supply of natural gas at an affordable price will play a crucial role in the growth of city gas distribution sector of the country and IGL being a pioneer in city gas distribution business is fully prepared to meet the future challenges and to seize the emerging opportunities in this sector," said K K Gupta, chairman, IGL.

The company's gross turnover increased to Rs. 3,724 crores in FY 13 as compared to Rs. 2,790 crores of FY 12 and PAT increased to Rs. 354 crores from Rs 306 crores during the corresponding year.