Indraprastha Gas Ltd, whose initial public offer of 4 crore (40 million) equity shares opens on Friday, plans to expand supply of compressed natural gas to automobiles in Delhi's adjoining cities like Noida, Greater Noida, Gurgaon and Faridabad.
"We have commissioned a feasibility report for commencing supply of CNG to automobiles and piped natural gas for domestic use in Faridabad, Noida, Gurgaon and Greater Noida," IGL managing director A K De told a news conference in New Delhi.
He, however, did not give the investment figure, saying financials would be worked out based on the feasibility report.
IGL, the sole supplier of CNG to 77,500 vehicles and over 10,000 households in Delhi, is investing Rs 183 crore (Rs 1.83 billion) this fiscal in expanding supply of CNG and piped natural gas.
De said the 782,000 kgs of natural gas sold everyday in Delhi has replaced 800 kilolitres of petrol and diesel in automobiles.
The IPO, where financial institutions are offloading 28.6 per cent of their equity shares, would open on November 28 and close on December 5, 2003.