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Adani Gas signs Definitive Agreement for acquisition of 3 Geographical Areas; Expands its footprints from 19 to 22 GAs

Adani Gas Ltd
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Adani Gas Ltd

Highlights

Adani Gas Ltd. on Tuesday, November 3, 2020, announced that it has signed a Definitive Agreement for the acquisition of 3 Geographical Areas (GAs) namely Ludhiana, Jalandhar and Kutch (East).

Adani Gas Ltd. on Tuesday, November 3, 2020, announced that it has signed a Definitive Agreement for the acquisition of 3 Geographical Areas (GAs) namely Ludhiana, Jalandhar and Kutch (East).

All 3 geographical areas have high volumes potential in terms of demand of over 6.5 MMSCMD over a period 10 Years. These GA's are under Phase 1 of Bharat Mala Pariyojana by NHAI which will further boost the development and volume growth.

The agreement has been signed with Jay Madhok Energy Private Limited, Jay Madhok Holdings Private Limited, lshar Gas Ludhiana Private Limited and lshar Gas Jalandhar Private Limited. This acquisition offers more than 1 million households, more than 7 lacs CNG vehicles and a large number of industrial and commercial customers.

Mr Suresh P Manglani, CEO, Adani Gas said, These 3 GAs offer high PNG and CNG volumes together with excellent infrastructure growth opportunities. Adani Gas tally of GAs shall now increase to 22 GAs. This transformational acquisition shall allow AGL to supply cleaner fuels - PNG in fulfilling much-awaited aspirations of a large number of homes, Commercial and Industrial consumers, Gurudwara, hotels, restaurants and environmental friendly CNG to automotive consumers in Ludhiana, Jalandhar and Kutch (East) GAs. This initiative by AGL shall further support the vision of central and state governments to provide PNG and CNG to all."

Ludhiana and Jalandhar are twin cities of Punjab and are major Industrial and Commercial hubs with a very high-volume potential of CNG and PNG homes. Both Cities are in the vicinity of the pipeline connectivity.

Kutch (East) in Gujarat is poised to take centre stage for the Industrial Development in Gujarat. AGL has a strong presence in Gujarat. Kutch (East) is well connected with pipeline and R-LNG terminal infrastructures making Kutch (East) an attractive destination for the development of CGD network.

Given the availability of pipeline connectivity in the surroundings, all the 3 Gas shall offer early monetisation opportunity to AGL. With the addition of these 3 GAs, AGL shall now have a presence in 22 GAs as a standalone entity and additional 19 Gas with JV partner with IOCL aggregating its tally to 41 Gas (74 Districts) ensuring AGL's continued leadership in CGD Business in India.

The transaction is subject to necessary regulatory and other customary approvals.

These 3 GAs shall add significant high volumes and infrastructure developments and will take AGL to a high growth trajectory. With the strong parentage of AGL, the residents of Ludhiana, Jalandhar and Kutch (East) shall also be the beneficiary of best in class CGD networks, operations, maintenance, digital and customer-centric approach with a continued focus on Health & Safety, community development and better returns to the stakeholders.

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