The fresh acquisitions take the company’s reach to 16 geographical zones in 32 districts and seven states.
Torrent Gas, a part of the Torrent Pharma Group, is expanding its city gas distribution (CGD) business by acquiring three companies. This is in addition to the 13 geographical areas it won in bidding. The fresh acquisitions take the company’s reach to 16 geographical zones in 32 districts and seven states. The company also plans to invest around `10,000 crore in the business.
The company has acquired Mahesh Gas in Pune from the Mahesh Group. It took over Siti Energy in Moradabad and Dholpur CGD from Essel Group.
Mahesh Group could not start operations in Pune and exited the business with the sale to Torrent. Mahesh Gas is now an associate company of the Torrent Group and would operate under the brand name, Pune Natural Gas, to supply piped natural gas and compressed natural gas (PNG & CNG) in Pune district, said Utkarsh Bhat, VP, marketing, Torrent Power. Maharashtra Natural Gas Limited (MNGL) is handling the CGD business in Pune City area while the rest of Pune district would be handled by Torrent.
The area authorised to Pune Natural Gas includes Ranjangaon, Baramati, Kurkumbh, Indapur, Pirangut, Wagholi, Saswad, Sanaswadi, Khed city, Rajgurunagar, Lonavala, Talegaon Phase II, Shirur, Shikrapur, Jejuri and other talukas of Pune district covering around 15,000 sq km. Pune district would see investments of `600-700 crore.
Shridhar Tambrapani, ED, Torrent Gas, said as part of its phase-I network rollout plan, by March 31, 2021 the company intends to set-up over 50 CNG stations and release over one lakh residential PNG connections and also supply natural gas to industries in Pune district. The company will lay 1,800 inch km of gas pipeline network.