Adani Total Gas Limited (ATGL) has secured funds over Rs 31.31 billion (USD 375 million) for expanding its city gas distribution (CGD) network across its 34 geographical areas (GA) spanning across 13 states.
The inaugural financing of USD 375 million, featuring an initial USD 315 million commitment with an accordion feature for expansion, is backed by five global lenders- BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.
Besides, the CGD expansion is anticipated to cover up to 14 per cent of the country’s population, benefitting over 200 million people.
ATGL has been authorised to lay CGD infrastructure to supply piped natural gas (PNG) to industrial, commercial and domestic customers and CNG to the transport sector in 34 GAs solely and another 19 GAs have been allotted to Indian Oil Adani Gas Private Limited (IOAGPL), a joint venture company of Indian Oil Corporation Limited (IOCL) and ATGL, having 50 per cent stake each.