New Delhi: Disinvestment-bound Bharat Petroleum Corporation Ltd (BPCL) has bagged six geographical areas (GAs) spread across 19 districts for setting up City Gas Distribution (CGD) projects in the recently concluded 11th bid round and plans to spend Rs 10,000 cr on developing them, said the oil PSU on Tuesday. In a regulatory filing to the stock exchanges, BPCL said, "In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that 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 PNGRB."
Currently, with presence in 63 districts, including prominent cities, India's second-largest oil retailer, along with its JVs, holds 33 percent market share in the CGD sector in the country. "The CGD footprints of BPCL, along with its JVs, will now extend to 48 GAs, covering 94 districts in 18 states, across India," said BPCL.
BPCL is planning to spend Rs 10,000 crore on the development of the six GAs acquired under the 11th CGD bidding round. "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 10,000 crore for the six new GAs," BPCL told the bourses.
A total of 61 GAs were up for grabs in the 11th round of CGD auctions. While Megha Engineering and Infrastructures Ltd (MEIL) won 15 GAs, 14 GAs were secured by Adani Total. Indian Oil Corporation (IOC) won nine GAs. The total number of GAs secured by Central and state-run PSUs stands at 23.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)