Adani Gas Limited (AGL) has approved a plan to raise $400 million selling bonds to foreign investors to meet its capital expenditure requirement for the next two years. The funds will go towards its funding requirement of around Rs 80 billion for the next five years. The company has further plans to enter new businesses of biogas, biofuel, biomass, liquefied compressed natural gas, hydrogen-compressed natural gas and other value-added services in the city gas distribution business.
According to AGL, the demand for piped natural gas (PNG) as well as compressed natural gas (CNG) segments is currently at 90 per cent of pre-covid levels. The company commissioned 19 new CNG stations during the quarter July-September, taking the total number of CNG stations to 134. Besides, it commissioned 7,704 new PNG connections, taking the total number to 446,000. Its commercial and industrial connections have now increased to 4,588.
The company witnessed a year-on-year increase of 13 per cent in net profit for the second quarter of 2020. The company has also changed its name to Adani Total Gas Limited as France’s energy major, Total SA, has acquired 37.4 per cent stake in Adani Gas Limited.