"The company would set up a JV company with Siti Energy Ltd to undertake city gas distribution in Panipat and Sonepat," a company release said.
The JV firm would come up under the public-private- partnership model and supply natural gas to industries, households, commercial establishments and transportation sector in Haryana.
IGL has already get the No Objection Certificate (NOC) from the Haryana Government to undertake the project.
The proposed entity would be approaching the Petroleum & Natural Gas Regulatory Board (PNGRB) for authorisation before it commences activities in the area.
The company has already completed laying of pipelines and two CNG (Compressed Natural Gas) stations each in Noida and Greater Noida which are expected to be operational in by December.
Two sites for CNG stations in Ghaziabad have also been alloted by Ghaziabad Development Authority.
Project execution would begin here after obtaining the necessary regulatory approvals.
Meanwhile, the company today posted a net profit of Rs 43.68 crore for the quarter ended June 30, a 13.7 per cent jump from Rs 38.42 crore in the corresponding period last year.
