IOCL to spend ₹7,000 crore on new CGD areas
Financial Express Mumbai|January 17, 2022
STATE-RUN INDIAN OIL Corporation (IOCL) said on Sunday that it plans to spend over ₹7,000 crore on the nine geographical areas (GA) it bagged in the first tranche of the 11th round of auction for city gas distribution (CGD).
IOCL to spend ₹7,000 crore on new CGD areas

The government had received more than 430 bids against 61 GA in this round of bidding, where 65 GA across 19 states and one union territory were offered.

The company said that the GA it won in the auction constitute nearly 33% of the cumulative demand potential of the areas offered in the bidding. "With our intelligently aggressive approach in the latest CGD bidding process, we have been able to secure nine high market potential GA that cover 26 districts spread across the country," IOCL chairman Shrikant Madhav Vaidya said.

This story is from the January 17, 2022 edition of Financial Express Mumbai.

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This story is from the January 17, 2022 edition of Financial Express Mumbai.

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