Gujarat Gas & Indian Oil Corporation partner to expand energy services
Author: BI Bureau
New Delhi: Gujarat Gas (GGL) and Indian Oil Corporation (IOCL) have recently inked a non-binding memorandum of understanding (MoU) to enhance the availability and reach of energy solutions for consumers.
This collaboration aims to offer a wide array of products and services across GGL's authorized areas. As part of the MoU, IOCL will supply liquid fuels at GGL outlets, provide automotive lubricants, greases, and specialties at GGL outlets, establish CNG facilities at IOCL COCO outlets, while GGL will set up CNG mother facilities at IOCL outlets.
Gujarat Gas, India's largest city gas distribution company, boasts a network of over 38,000 km of gas pipelines, distributing approximately 9.2 mmscmd of natural gas. With operations spanning across six states and one union territory, the company operates more than 815 CNG stations and has connected over 20.5 lakh households.
Indian Oil Corporation, a government-owned oil and gas explorer and producer, holds a 51.50% stake owned by the Government of India as of December 31, 2023.
On the stock market, Gujarat Gas shares experienced a decline of 1.46%, currently trading at Rs 564.80, while Indian Oil Corporation observed a gain of 2.25%, reaching Rs 170.25 on the BSE. /BI
