Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

L&T Infrastructure Finance to provide Term Loan to AG&P for the Development of City Gas Distribution Networks in South and West India

Posted On: 2020-01-08 14:20:03

AGP CGD India Pvt. Ltd. (AG&P CGD), a subsidiary of Singapore-based AG&P Group - the global downstream gas and LNG logistics company, has entered into an INR 518 cr Term Loan agreement (approximately, US$72.2 million) with L&T Infrastructure Finance Company Ltd. (L&T Infrastructure Finance), a subsidiary of L&T Finance Holdings. These funds will be used to develop the City Gas Distribution (CGD) networks of AG&P CGD in Jodhpur, Barmer and Jaisalmer in Rajasthan and Ramanathapuram in Tamil Nadu. AG&P CGD holds the exclusive licenses to build CGD networks to sell natural gas in these two Geographic Areas (GAs) in addition to ten other GAs across India. These networks are being developed to connect millions of people to compressed natural gas (CNG) for their vehicles and piped natural gas (PNG) for their homes and businesses.

In total, AG&P CGD secured twelve 25-year CGD licenses from the Government of India's Petroleum & Natural Gas Regulatory Board (PNGRB) in the 9th and 10th rounds of bidding. These licenses allow AG&P CGD to supply natural gas to 12 GAs covering 28 districts in Andhra Pradesh, Karnataka, Kerala, Rajasthan and Tamil Nadu, making the company the largest foreign player in India's rapidly developing CGD sector. AG&P CGD is building over 1,500 CNG stations, supported by 1,800 kilometers of steel pipelines which will run across the length and breadth of the geographies awarded, creating thousands of local jobs.

"We are deeply honored by the trust that L&T Infrastructure Finance has placed in AG&P CGD to deliver these critical CGD networks, which will bring clean and affordable safe fuel to households and consumers who drive as well as to transportation, industrial and commercial. In these areas, this will be the first time these people have access to natural gas," said Mr. Abhilesh Gupta, Chief Financial Officer and Commercial Head, AG&P Group. "We are privileged to serve the millions of hard-working people in our areas and contribute to India's accelerating infrastructure and community development with a globally proven clean energy supply."

Mr. Raju Dodti, Chief Executive - Infrastructure Finance said, "This is our first financing transaction in the CGD sector, and we are happy to partner with AG&P. We expect these projects to aid the development of communities and businesses in these districts, triggered by the resultant reduction in energy costs, employment generation and overall positive impact of cleaner energy on the environment."

Deloitte India Corporate Finance and Restructuring Services is the financial adviser on this deal.

Shares of L&T FINANCE HOLDINGS LTD. was last trading in BSE at Rs.116.3 as compared to the previous close of Rs. 112.65. The total number of shares traded during the day was 471281 in over 3011 trades.

The stock hit an intraday high of Rs. 117 and intraday low of 114. The net turnover during the day was Rs. 54593744.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Control Print Ltd board approves interim dividend of Rs.3.5 for 2019-20

TVS Motor Company forays into electric mobility with connected and advanced technology scooter 'TVS iQube Electric'

PSP Projects Limited receives work orders of Rs. 357.90 crores

Prabhat Technologies India Ltd updates on inadvertent trading done in shares of promoter

Control Print Ltd consolidated Q3 net profit higher at Rs. 8.81 crore

Chemcrux Enterprises Limited receives award at 4th IPF Industrial Excellence Awards

Pondy Oxides & Chemicals Ltd reports QoQ jump in PAT

DCB Bank Ltd Q3 net profit climbs to Rs. 96.70 crore

CRISIL updates on rating of Jindal Drilling Industries Ltd

SKP Securities Ltd consolidated net profit at Rs. 0.05 crore in Q3

Muthoot Capital Services Ltd Q3 net profit up QoQ to Rs. 18.95 crore

APL Apollo Tubes Ltd consolidated Q3 FY20 net profit surges to Rs. 74.26 crore

Siyaram Silk Mills Ltd consolidated Q3 net profit slides to Rs. 7.63 crore

Indo Cotspin Ltd Q3 net profit at Rs. 0.0334 crore

ICICI Bank Ltd reports consolidated PAT at Rs. 4670.10 crores

Muller & Phipps India Ltd Q3 net profit at Rs. 0.03 crore

Bhageria Industries Ltd posts PAT of Rs. 17.74 crores in Q3

Maruti Suzuki NEXA rolls out Stylish and Sporty Ciaz S

Cybele Industries Ltd Q3 loss at Rs. 0.90 crore

IndiGo launches direct connection between Delhi and Bangkok

mBAJA & eBAJA Design and Technical Evaluation and Dynamic Events held today for BAJA SAEINDIA 2020

Wendt India Ltd announces Q3, 9MFY20 results

ABM Knowledgeware Ltd Q3 consolidated net profit slips to Rs. 3.08 crore

Prestige Estates Projects Ltd consolidated Q3 net profit climbs to Rs. 161.8 crore

EIH Ltd Q3 net profit higher QoQ, YoY

Bank of Baroda reports loss in Q3 FY2020

Eldeco Housing and Industries Ltd announces Q3, 9MFY20 results

BEML CMD gets Most Admired Leader Award

Siemens Ltd to acquire 99.22% in C&S Electric Ltd for Rs. 2100 crore

VST Tillers Tractors Ltd enters into MOU with Zetor Tractors

NHPC declared successful resolution applicant for Jalpower Corporation Ltd

L&T raises Rs. 1000 crore through 6.72% NCDs

Solapur Tollways Pvt Ltd receives completion certificate for part of NH-9 project

Cipla gets 4 observations from USFDA for API facility at Bommasandra, Bangalore

ALLSEC Technologies Ltd consolidated Q3 FY20 net profit at Rs. 8.55 crore

Wendt India Ltd Q3 consolidated PAT falls to Rs. 2.20 crore

Faze Three Autofab Ltd Q3 net profit at Rs. 0.48 crore

Emkay Global Financial Services Ltd Q3 loss at Rs. 1.41 crore

ION Exchange India Ltd consolidated Q3 PAT higher at Rs. 26.31 crore

Shree Bhavya Fabrics Ltd posts net profit of Rs. 0.77 crore in Q3

Mangalam Drugs & Organics Ltd Q3 PAT jumps to Rs. 1.65 crore

ARO Granite Industries Ltd Q3 net profit at Rs. 0.65 crore

JSW Steel Ltd consolidated Q3 PAT declines to Rs. 211 crores

Udaipur Cement Works Ltd posts PAT of Rs. 0.97 crore in Q3

Strides announces successful completion of US FDA inspection at its Alathur facility with Zero 483 observations

Sonata Software Ltd reports Rs.75.86 crores net profit in Q3 FY20

Oriental Hotels Ltd posts consolidated PAT of Rs. 7.31 crore

Kirloskar Ferrous Industries Ltd Q3 PAT increases QoQ to Rs. 23.33 crore

Indian Bank reports Q3 net profit of Rs. 247.16 crore

Sunil Agro Foods Ltd posts net profit of Rs. 0.14 crore in Q3







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019