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Business News/ Companies / News/  Adani Total Gas partners with INOX India to boost India's LNG ecosystem
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Adani Total Gas partners with INOX India to boost India's LNG ecosystem

India's leading city gas distribution company, Adani Total Gas Ltd (ATGL), and INOX India Ltd (INOXCVA), have signed a mutual support agreement to strengthen the country's LNG ecosystem.

Adani Group's debt accounts for 0.5% of total loans across the Indian banking sector (AP)Premium
Adani Group's debt accounts for 0.5% of total loans across the Indian banking sector (AP)

India's leading city gas distribution company, Adani Total Gas Ltd (ATGL), and INOX India Ltd (INOXCVA), a global leader in cryogenic liquid storage and distribution, have signed a mutual support agreement aimed at strengthening the country's Liquefied Natural Gas (LNG) ecosystem, the company announced on February 5.

Under the agreement, ATGL and INOXCVA will become "preferred partners" for each other, collaborating on the delivery of LNG and Compressed Natural Gas (LCNG) equipment and services.

The stocks of Adani Total were in red down 0.94 per cent at 989.75 on February 6, at 8:55 am on BSE.

Track Live: Adani Total Gas share price Today Live Updates : Adani Total Gas Stocks Plummet in Trading Today

Speaking on the collaboration, Suresh P Manglani, Executive Director & CEO, ATGL said, “Air pollution and greenhouse gas (GHG) emissions are on the rise. With the ongoing rapid industrial growth and huge increase in heavy vehicles for transportations of goods, challenges will become even more formidable going forward. This partnership with INOXCVA shall help ATGL in furthering phased transition of long-haul heavy vehicles, buses currently using HSD/diesel to LNG, thereby helping with over 30% reduction in CO2 and GHG emissions. ATGL will also fast-track setting up of LNG stations across the country for boosting the confidence of fleet operators to embrace LNG as transportation fuel."

Siddharth Jain, Promoter and Non-Executive Director of INOXCVA added, “As our economy prepares to go an overdrive, it is imperative that we also maintain a focus on ensuring that the transition happens in a sustainable manner. We are, therefore, excited about our cooperation with ATGL, which would look to strengthen the LNG ecosystem and building & promoting LNG as a transport fuel. Our combined synergies, backed by expertise and scale of both the Parties will truly benefit the stakeholders in the economy in reducing emissions, and make significant contributions towards the green transition.

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Published: 06 Feb 2024, 09:05 AM IST
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