Torrent Gas has planned to come up with an initial public offer (IPO) of its gas utility business by 2023-24. The Ahmedabad-based company has also planned to invest funds to the tune of Rs 80 billion in its city gas distribution (CGD) business in the coming five years. Investments to the tune of Rs 10.5 billion have already been made by the company. It is also looking for acquisitions in the sector, over and above this investment.
Torrent Gas is working on its goal of setting up 200 CNG stations by 2021 and 500 stations by March 2023. Currently, the company clocks revenue of around Rs 250 million a month but expects it to double to Rs 500 million by end of the year as it has recently added 42 CNG stations, making the total number of stations it runs 100.