Adani Total Gas Ltd on Wednesday announced that it has received an approval from the regulator Petroleum and Natural Gas Regulatory Board (PNGRB) to operate a city gas distribution network in Jalandhar.
It added that the PNGRB’s approval was an essential condition precedent in the business transfer agreement of the company regarding acquisitions of certain business undertakings pertaining to cut gas distribution and retailing of CNG covering inter alia Jalandhar geographical areas.
“PNGRB approval was an essential condition precedent in the BTA,” the company said in a regulatory filing, while adding that with Jalandhar GA, it now has 34 GAs that enable it to have its footprint in Punjab.
Earlier in May, Adani Total had posted a 71.5 per cent rise in net profit at Rs 167.96 crore for the quarter ended March, compared with Rs 97.91 crore posted during the year-ago quarter. The Adani group’s city gas distribution (CGD) company’s revenue from operations rose 5.1 per cent to Rs 1,258.37 crore. The firm’s EBITDA for the reporting quarter rose 49% to Rs 305 crore, it said in a statement.
