Indraprastha Gas receives LoI from PNGRB

Indraprastha Gas on Thursday announced that it received a letter of intent from the Petroleum and Natural Gas Regulatory Board (PNGRB).

The letter of intent is for grant of authorization to the company for development of CGD network in the geographical area of Banda, Chitrakoot and Mahoba in the state of Uttar Pradesh.

Under the PNGRB Act 2006, PNGRB grants the authorization to the entities for developing a City Gas Distribution (CGD) network (including PNG network) in a specified Geographical Area (GA) of the country.

Accordingly, IGL is requested to submit the performance bank guarantee for an amount of Rs 33 crore.

Indraprastha Gas is a natural gas distribution company. It supplies natural gas as cooking and vehicular fuel. As on 31 December 2021, GAIL (India) and BPCL held 22.5% stake each in the company.

The company posted an 8% fall in standalone net profit to Rs 308.52 crore in Q3 FY22 from Rs 334.87 crore registered in Q3 FY21. Net sales jumped 53.2% to Rs 2,215.46 crore in Q3 FY22 from Rs 1,466 crore reported in Q3 FY21

Shares of IGL were trading 0.07% lower at Rs 382.85 on BSE.

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