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GAIL is aiming to enter the Liquefied Natural Gas (LNG) retail sector to set up LNG dispensing stations across golden quadrilateral/major national highways and mining areas with an investment of ₹650 crore. The company also wants to capture 50% plus market share in the next 5-6 years, according to a regulatory filing on March 14.
The company is also planning to reduce its carbon footprint by converting transport fuel from diesel to LNG. "The proposed investment is strategic in nature which relates to exploring opportunity-based investment for the development of LNG dispensing infrastructure & last mile connectivity," they said.
Earlier this month, GAIL along with Oil and Natural Gas Corporation (ONGC) and Shell Energy India (SEI) signed a tripartite Memorandum of Understanding (MoU) to explore opportunities for import of ethane and other hydrocarbons. GAIL (India) Limited and its subsidiary GAIL Gas Limited have announced a of ₹2.50/kg price reduction in Compressed Natural Gas (CNG) prices across 20 key locations in India where they operate on March 9.
The company reported a multi-fold increase in consolidated net profit at ₹3,193.34 crore in the December quater. The consolidated net profit of the country’s largest gas distributor was ₹397.59 crore in the same period last year.
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