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IGL sets up joint venture for gas distribution in Haryana

NEW DELHI: The State-run Indraprastha Gas Limited (IGL) on Tuesday announced establishment of a joint venture company with Siti Energy Ltd. (SEL) of Haryana to undertake supply, transmission, distribution and marketing of natural gas to industry, households, commercial establishments and transport sector in Haryana’s cities.

Announcing this at the ninth annual general meeting of the company here, IGL Chairman U.D. Choubey said IGL had been given the No Objection Certificate by the Haryana Government to undertake city gas distribution in Panipat and Sonepat.

The newly-formed entity would be approaching the Petroleum and Natural Gas Regulatory Board for authorisation before it begins project activities.

Outlining IGL’s growth plans, especially in the National Capital Region, Dr. Choubey explained that the company had entered into a JV agreement with Siti Energy Limited as a strategic partner for speedy implementation of city gas distribution projects in Sonepat and Panipat. In Noida and Greater Noida, the company has almost completed laying of pipelines and two CNG stations each in both towns are expected to be operational by December this year. In Ghaziabad, two sites for CNG stations have been allotted by the Ghaziabad Development Authority, where project execution activity would start after obtaining regulatory approvals.

Dr. Choubey announced that IGL would shortly be providing insurance cover to Delhi’s auto and taxi drivers. The company’s gross turnover has gone up to Rs.816.90 crore in 2007-08 as compared to Rs.713.8 crore during 2006-07 showing a growth of 14.5 per cent. The profit after tax increased to Rs.174.5 crore from Rs.137.96 crore during the corresponding year registering a growth of 26.4 per cent. The board approved a dividend of 40 per cent for the shareholders.

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