30 Jun 2023 , 12:21 PM
Adani Total Gas Ltd (ATGL), a joint venture between Adani Group and TotalEnergies, reveals plans to invest Rs 18,000-20,000 crore over the next 8-10 years to expand infrastructure for its gas distribution business.
The investment will be utilized to enhance the network of compressed natural gas (CNG) stations and expand the pipeline network. ATGL currently operates 460 CNG stations and serves 7 lakh domestic consumers of piped cooking gas.
The company expresses optimism about the future of gas in India, as the government aims to raise the share of natural gas in the country’s energy mix from 6% to 15% by 2030.
The company’s market capitalization is Rs 72,054 crore (approximately), but its shares have underperformed the broader market, declining by 72% in the past year, primarily due to the impact of Hindenburg’s report on the conglomerate.
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