Bharat Petroleum Corporation Limited (BPCL) on Tuesday said it will invest Rs 22,000 crore on development of city gas distribution networks across 23 geographical areas across the country.
"After announcement of results of bidding, BPCL's committed investment in CGD network, on a standalone basis, would increase to over Rs 22,000 crore for development of 23 GAs, including Rs I0,000 crore for the 6 new Gas," BPCL said in a regulatory filing to the stock exchanges.
BPCL has emerged as the successful bidder in 6 Geographical Areas (GA) in 19 districts, for setting up City Gas Distribution (CGD) Networks, post evaluation of technical and financial bids, in the recently concluded 11th bidding round of Petroleum and Natural Gas Regulatory Board (PNGRB).
"The CGD footprints of BPCL, along with its JYs, will now extend to 48 GAs covering 94 districts in 18 states, across India. Currently, with presence in 63 districts, including prominent cities, BPCL along with its JYs together hold 33 per cent market share in the CGD sector in the Country," BPCL said.
( With inputs from ANI )
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