State-owned Indian Oil Corp (IOC) Thursday said it will invest Rs 54.63 billion in setting up city gas distribution network for retailing CNG to automobiles and piped cooking gas to households in seven districts.
IOC had in the recently concluded 9th bid round for city gas licences won permits for seven cities on its own and another nine in a joint venture with Adani Gas.
The company, in a regulatory filing, said its board in a meeting Wednesday approved investments in seven cities it has won on its own.
“IOC has won the Bidding for implementation of City Gas Distribution (CGD) for 7 Geographical Areas viz Coimbatore district, Salem district (in Tamil Nadu), Bokaro district (in Jharkhand), Rewa district (in Madhya Pradesh), Aurangabad district (in Maharashtra), Guna district (in Madhya Pradesh) and Jagtial district (in Telangana). Read more