Private Equity

Other Private Equity/Strategic Investments

Japanese consortium to invest $370-M in I Squared's Indian natural gas platform

Press Release  

A consortium of Japanese investors will become strategic minority shareholders in infrastructure investor I Squared Capital-promoted Natural Gas Transition Platform (NGTP), a Singapore-based holding company with investments in Indian city gas distribution networks. The Japanese investor consortium is made up of Osaka Gas, the second-largest city gas distributor in Japan; Sumitomo Corporation, one of Japan’s largest trading houses; and the Japan Overseas Infrastructure Investment Corporation (JOIN), a government-sponsored entity that promotes Japanese investment abroad.NGTP develops and operates Compressed Natural Gas (CNG) stations for vehicles, pipes natural gas to homes, and distributes Piped Natural Gas (PNG) as well as Liquefied Natural Gas (LNG) to industrial and commercial customers. NGTP has active investments in last-mile city gas distribution businesses, including THINK Gas and AG&P Pratham. Together, these companies are developing city gas infrastructure across 19 geographical areas covering 325,000 square kilometres and serving over 85 million people. Through the use of new infrastructure developed over the last four years, including over 9,000 kilometres of low-pressure gas pipelines, 30 LCNG (Liquefied Compressed Natural Gas) and compressed gas stations and over 430 CNG stations, the platform will serve millions of vehicles per day and thousands of commercial and industrial users by 2030.In addition to gas distribution, the platform will increase investments to boost the consumption of renewable natural gas (biogas) in India. The platform is already one of the largest procurers of biogas in India and aims to procure about 5 million tonnes over the next 25 years. Further, the platform will also look to increase the use of green hydrogen using the city gas network.