Even as RIL-BP JV withdrew from bidding at the last moment, the ninth and biggest round of auction for city gas distribution (CGD) licenses in 86 cities saw over 400 bids with potential investment of Rs 70,000 crore.
The latest round of auction, which ended on July 10, witnessed the abstinence of RIL-BP combine from placing any bids. The Reliance-BP joint venture dropped out of the bidding process after coming close to bidding for licenses to retail gas in 15 cities, PTI reported citing sources.
In a statement earlier this week, ratings agency CRISIL said the latest ninth round of auction of CGD licenses is set to alter the industry landscape with the government expecting investments of Rs 70,000 crore from winning bidders, or four times the cumulative Rs 15,000-18,000 crore invested till fiscal 2018. Read More
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