Torrent Gas Ltd. on Tuesday said it will invest ₹8,000 crore over the next five years in expanding its city gas operations with a target to set up 500 CNG dispensing pumps by March 2023.
Torrent Gas, the city gas distribution (CGD) arm of Gujarat-based $3-billion Torrent Group, holds a city gas licence for selling compressed natural gas (CNG) to vehicles and piped cooking gas (PNG) to industries and households kitchens in 32 districts across seven States.
Within 18 months of its operations, Torrent Gas has set up 100 CNG pumps, its director Jinal Mehta said at a virtual event organised to announce the commissioning of 42 CNG stations.
“Torrent Gas intends to make a total investment of ₹8,000 crore ($1.1 billion) over the next five years towards the creation of CGD infrastructure in the country, of which ₹1,050 crore has already been invested,” Mr. Mehta said.
Despite the constraints presented by the COVID-19 pandemic, Torrent Gas has been able to set up 100 CNG stations within a relatively short span of time.
“We are now working towards our near-term goal of setting up 200 CNG stations by March 2021 and medium-term goal of setting up 500 CNG stations by March 2023, apart from making PNG widely available to industries and residences.”