BPCL emerged as successful bidder for setting up City Gas Distribution Networks; stocks gain

25 Jan 2022 , 01:18 PM

Bharat Petroleum Corporation Limited (BPCL) informed the exchanges that the company has emerged as a successful bidder in 6 Geographical Areas (GA) in 19 districts, for setting up City Gas Distribution (CGD) Networks, post evaluation of technical and financial bids, in the recently concluded the bidding round of PNGRB.

The CGD footprints of BPCL, along with its JYs, will now cover 94 Districts in 18 States extending to 48GAs, across India. Currently, BPCL has a presence in 63 districts, including prominent cities, BPCL along with its JYs, together hold 33% Market Share in the CGD sector in the Country.

After the announcement of results of bidding, BPCL’s committed investment in the CGD network, on a standalone basis, would increase to over Rs 22,000 crores for the development of 23 GAs, including Rs 10,000 crores for introducing 6 new GAs.

BPCL is currently trading at Rs 377.90, up by Rs 4.80 or 1.29% against its previous closing price of Rs 373.10. It has touched the intraday high and low of Rs 380.45 and Rs 368 respectively, while its 52-week high remains at Rs 503.