Torrent Gas has announced that it will invest more than Rs 8,000 crore over next five years in order to expand its city gas distribution network and set up around 500 odd CNG dispensing stations by March 2023.
As per PTI, Torrent Group, a part of $3 billion Torrent Group has its presence in 16 geographical areas spread across 32 districts covering 7 States and 1 Union Territory in India. The company has set up 100 CNG pump stations within 18 months of its operations.
"Torrent Gas intends to make a total investment of Rs 8,000 crore (US$1.1 billion) over the next 5 years towards the creation of CGD infrastructure in the country, of which Rs 1,050 crore has already been invested," said Jinal Mehta, Director, Torrent Gas during a virtual event organised to announce commissioning of 42 CNG stations. This commissioning took the number of CNG stations under Torrent fold to 100, he added.
The company is looking to set up 200 CNG stations by March 2021 before reaching its medium term goal of setting 500 CNG stations by March 2023.
According to a press release issued by the Petroleum Ministry, the number of CNG stations has increased by more than double, from 938 CNG stations in 2014 to around 2300 CNG stations in 2020 across India.