Adani Total Gas Limited (ATGL) has secured funds over Rs 31.31 billion ($375 million) for expanding its city gas distribution (CGD) network across its 34 geographical areas (GAs) spanning 13 states. The inaugural financing of $375 million, featuring an initial $315 million commitment with an accordion feature for expansion, is backed by five global lenders – BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation. The CGD expansion is anticipated to cover up to 14 per cent of the country’s population, benefiting over 200 million people. Further, ATGL has been authorised to lay CGD infrastructure to supply piped natural gas (PNG) to industrial, commercial and domestic customers and Compressed Natural Gas (CNG) to the transport sector in 34 GAs, while another 19 GAs have been allotted to Indian Oil Adani Gas Private Limited (IOAGPL), a joint venture company of Indian Oil Corporation Limited (IOCL) and ATGL with 50 per cent stake each.
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