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Private Sector | Multi State - India | PID: 202784
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I Squared Capital, a global infrastructure investor has announced that a consortium of Japanese investors will become strategic minority shareholders in the Natural Gas Transition Platform. It has investments in Indian city gas distribution networks which develop and operate compressed natural gas (CNG) stations for vehicles, pipe natural gas to homes, and distribute piped natural gas (PNG) as well as liquefied natural gas (LNG) to industrial and commercial customers.
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. The transaction will diversify the Platform’s shareholder base and bring in additional long-term capital from the consortium members. The additional capital provided will be used to support the energy transition in India through the expansion of last-mile city gas distribution infrastructure.
India aims to boost the share of natural gas from nearly seven percent currently to 15 percent of the primary energy mix by 2030. I Squared Capital is committed to supporting equitable transition of the country’s energy sector, and the new partners are expected to facilitate the shift from more carbon-intensive fossil fuels to natural gas in India.
| Updated on: 22 - Apr - 2024
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