IOCL to spend Rs 7,000 crore on new CGD areas

State-run Indian Oil Corporation (IOCL) reported that it plans to spend over Rs 7,000 crore on the nine geographical areas (GA) it bagged in the first tranche of the 11th round of auction for CGD. After the latest CGD auction, IOCL will be present in 26 GA across 11 states. If its CGD joint ventures are included, the company will be present in 49 GA across 21 states. With the latest announcement, the total investment earmarked by the company for its CGD vertical is Rs 27, 000 crores.

Further, Hyderabad-based Megha Engineering and Infrastructures has won 15 GA in the 11th round of PNGRB CGD’s auctions. The other winners in the auction include Adani Total Gas (14 GA), Bharat Petroleum (6), Dinesh Engineers (4) and Assam Gas (4).



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