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NRIPage | Articles | Adani Total Gas Secures $375 Million to Expand City Gas Distribution Network | Get Latest International News & Updates. Your Source for World Events and Updates - NRI Page
Adani Total Gas Ltd. (ATGL) announced on Friday that it has successfully secured $375 million in funding from international lenders to expand its city gas distribution (CGD) network. This financing marks the largest global investment in the CGD sector, underscoring the growing importance of natural gas in India's energy landscape.
The funds will enable ATGL to extend its services to over 200 million people, representing approximately 14% of India's population. The financing package includes an initial commitment of $315 million, with provisions for additional funding through an accordion feature. This financing round saw participation from five prominent international lenders, including BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corp.
This strategic investment will expedite ATGL's capital expenditures, allowing the company to expand its gas distribution network across 34 authorized geographical areas in 13 states. The expansion aims to bolster the infrastructure for piped natural gas (PNG) and compressed natural gas (CNG), thus fostering the development of a gas-based economy in India.
The initiative is particularly significant in light of the Indian government's ambitious goal to increase the share of natural gas in the energy mix from 6% to 15% by 2030. ATGL competes with several public sector undertakings in the CGD space, including Mahanagar Gas Ltd., Indraprastha Gas Ltd., Gujarat Gas Ltd., and GAIL Gas Ltd.
Following the announcement, ATGL shares rose by 1.61% to settle at ₹788.7 apiece on the National Stock Exchange (NSE), in contrast to a 1.48% increase in the benchmark Nifty index.
