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Torrent Gas takes over Sanwariya Gas
Torrent Gas takes over Sanwariya Gas
Torrent Gas on Tuesday said it has signed an agreement to take over Sanwariya Gas which has a licence to retail CNG to automobiles and piped gas to households for cooking purposes in Mathura
New Delhi: Torrent Gas on Tuesday said it has signed an agreement to take over Sanwariya Gas which has a licence to retail CNG to automobiles and piped gas to households for cooking purposes in Mathura.
The acquisition cements Torrent's city gas distribution network that is now spread over 33 districts in seven States and one union territory. "Torrent Gas, through its wholly-owned subsidiary, has signed a share purchase agreement (SPA) with the promoters of Sanwariya Gas for the takeover of the company which has the authorisation from Petroleum and Natural Gas Regulatory Board (PNGRB), to providecompressed natural gas(CNG) and piped natural gas (PNG) in the geographical area of Mathura," the firm said in a statement. It did not provide the value of the deal. The transaction is subject to approval from PNGRB and fulfilment of other condition precedents.
With this acquisition, Torrent Gas has authorisation to set up a city gas distribution (CGD) network across 17 geographical areas spread over 33 districts in seven states and one UT. Torrent Gas plans to invest over Rs 8,000 crore in the development of the CGD network in these districts over the next five years, of which Rs 1,500 crore has already been invested, the statement said.
