Indian Oil-Adani Gas JV to invest $300 million to double gas sales
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IndianOil-Adani Gas Pvt Ltd will invest 25 billion rupees ($301.24 million) over four years as it looks to double gas sales to small industries and households in India, a company executive said on Friday.
The company, an equal joint venture of refiner Indian Oil Corp and Adani Total Gas, daily sells about one million standard cubic metres of gas through its 300 retail outlets, said S.K. Jha, a director in the joint venture.
Jha also heads the city gas distribution business of IndianOil as executive director.
The joint venture aims to double gas sales in four years and strengthen infrastructure to more than 600 retail outlets during the period to meet India's rising gas demand, Jha added.
($1 = 82.9900 Indian rupees)
