Torrent to invest in TN city gas distribution infra
Gujarat-based city gas distribution company Torrent has signed an agreement with the Tamil Nadu government in a commitment to invest Rs 5,000 crore for city gas distribution development in the state.
Earlier, Torrent Gas was authorised by Petroleum and Natural Gas Regulatory Board (PNGRB) to offer compressed natural gas (CNG) as well as Piped Natural Gas (PNG) in Chennai and Thiruvallur districts.
This investment for the development of CGD infrastructure will have an impact on the socio-economic development of the region. It will help in attracting new investment in the state that requires the availability of natural gas as a prerequisite. Thus, it will improve the competitiveness of existing industries that use natural gas and increase savings for small businesses and families that depend on CNG and natural gas. Jinal Mehta, the director of Torrent Gas, mentioned it would provide both direct and indirect employment to over 5,000 people.
Additionally, Torrent Gas would be laying pipelines and taking care of other requisite infrastructure over an area of 3,569 sq km. It will help in offering PNG connection to homes, industries and commercial establishments. CNG will also be helpful for vehicles. In the company’s first phase of infrastructure development, it aims to commission over 30 CNG stations in the last quarter.
Torrent Gas commissioned its first CNG station situated in Nagapattinam, Tamil Nadu. It has started the work of laying the pipelines. Mehta added that the company is looking to offer its Initial Public Offering(IPO) by 2023-24.