In a notable development, Indian Oil Adani Gas Private Limited (IOAGPL) has closed Compulsorily Convertible Debenture (CCD) transaction of Rs 13,780 million with IOC Global Capital Management IFSC Limited (IGCMIL), a wholly owned subsidiary of Indian Oil Corporation limited (IOCL).
The deal would mark a new standard in infrastructure financing and confidence in the country’s natural gas sector.
IOAGPL is a joint venture company of Indian Oil Corporation Limited (IOCL), a Maharatna Company of Government of India and Adani Gas Limited, a leading city gas distribution (CGD) company and part of Adani Group.