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Eastern Gases plans to invest Rs 200cr for 100 auto LPG stations |
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Mumbai: Eastern Gases Ltd, a BSE-listed company, is planning to invest Rs 200 crore in the next two years to set up a 100 auto LPG dispensing outlets in eastern and western India.
The Kolkata-based firm, which imports and supplies bulk LPG, propane and butane to industries, will also launch two LPG manufacturing-cum-bottling plants in Rajasthan and Andhra Pradesh.
Company`s Chairman and Managing Director S K Bhansali said, "We plan to set up a 100 auto LPG dispensing stations by March 2011 at a cost of Rs 200 crore. Construction will begin in three months and the first five will be operational by June next year."
He informed that the company has acquired land and obtained necessary licenses for the roll-out. Of the proposed investment, Rs 40 crore has already been tied up.
Bhansali, a co-promoter of the firm said, "We are talking to various banks to fund 70 per cent of the capex. In the next 4-5 years, most petrol-driven vehicles will start converting to eco-friendly LPG and we want to tap that market. We expect an annual 25 per cent growth in demand for LPG each year."
The company will source the fuel from the import-export terminal of Indian Oil Petronas Pvt. Ltd (IPPL) at Haldia in West Bengal.
(Posted on : 01/07/2009)
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| Eastern Gases plans to invest Rs 200cr for 100 auto LPG stations |
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