INSUBCONTINENT EXCLUSIVE:
licence over violation of CGD regulations.
Petroleum and Natural Gas Regulatory Board of India has sent a notice to Adani Gas for failing to
disclose crucial information regarding a scheme of arrangement with Adani Enterprises, CNBC Awaaz reported.
Quoting sources it suggested
cent to hit a low of Rs 148 on BSE
Later the stock recovered, but was still trading 5 per cent lower.
The news came at time when Adani Gas is looking to invest up to Rs 9,000
crore in setting up city gas distribution network over the next 10 years to retail CNG to automobiles and piped cooking gas to households in
those areas where it won licences in the recent bidding round.
Adani Gas on its own and in a joint venture with state-owned IOC has won city
gas licence for 38 geographical areas spread over 71 districts in 15 states in recent bid rounds
PNGRB has in the last couple of years
conducted two licensing rounds that have expanded the coverage of city gas network to over 400 districts covering 70 per cent of the
population of the country
It is a part of the government vision to raise the share of natural gas in the energy mix to 15 per cent by 2030 from current 6.2 per cent.
