M&A

M&A

Gas distribution players AG&P Pratham, THINK Gas to merge

Economic Times   THINK Gas  

Delhi-based city gas distribution players AG&P (Atlantic, Gulf and Pacific Company) Pratham and THINK Gas have announced the merger of their brand identities to operate under a single brand ‘ THINK Gas ’.The merged entity will operate across 50 districts in 10 states, serving a population of over 180 million.The group plans to invest USD 1 Billion over the next eight years, positioning it as the largest foreign direct investment (FDI) in the Greenfield City Gas Distribution business. The investment will support the expansion of the network to 24,000 inch km of steel pipelines and over 2,000 CNG stations, covering 324,000 sq.kms.Established in 2018, THINK Gas supplies natural gas to domestic, commercial, industrial and automotive (CNG) sectors and operates across 13 districts in Punjab, Madhya Pradesh, Bihar, Uttar Pradesh & Himachal Pradesh.

In Aug 2021, Atlantic, Gulf and Pacific Company , which had exclusive rights to develop the city gas distribution infrastructure and supply gas in 31 districts across five Indian states, had raised USD 300 M from US-based I Squared Capital.In Dec 2021, Japan's Osaka Gas Co entered India's urban gas distribution market by investing USD 120 M in AGP City Gas Distribution, the local unit of Singapore-based AGP International Holdings , along with a state-private fund, Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development .For FY24, AGP City Gas Distribution had reported about INR 522 Cr in Operating Income and about INR 203 Cr in Net loss.