Modi’s emphasis on clean fuels pays off: Fidelity, Aberdeen bet on natural gas retailers IGL, Gujarat Gas & Mahanagar Gas

Modi’s emphasis on clean fuels pays off: Fidelity, Aberdeen bet on natural gas retailers IGL, Gujarat Gas & Mahanagar Gas

Fidelity Investments and Morgan Stanley Investment Management have increased exposure to Indian city-gas retailers, as Prime Minister Narendra Modi’s emphasis on clean fuels burnishes the outlook for the industry. The demand from investors has been so strong that Indraprastha Gas Ltd., which supplies to homes and vehicles in New Delhi, raised the cap on foreign ownership to 30 percent from 24 percent, and may increase it again to almost half, Managing Director E.S. Ranganathan said. India’s largest city gas distributor Gujarat Gas Ltd., where Aberdeen Asset Management Plc. is the biggest non-state investor, and Mahanagar Gas Ltd. have also seen an increase in offshore holdings. Read More…

 

 

 

Credit By: Financial Express

Leave a Reply

Your email address will not be published.