Gujarat Gas (GGL) and Indian Oil Corporation (IOCL) have entered into a non-binding memorandum of understanding (MoU) to expand the scope and accessibility of energy solutions for consumers.
This alliance between both the companies will deliver an extensive range of products and services throughout GGLs authorized areas.Under the MoU, IOCL will provide liquid fuels at GGL outlets, IOCL will provide automotive lubricants, greases and specialties at the GGL outlet, set up CNG Facility at IOCL COCO Outlets and GGL will set up CNG mother facility at IOCL outlets.
Gujarat Gas is the largest city gas distribution company in India. The company has a network of -38,000 km of gas pipeline, distributing approx. 9.2 mmscmd of natural gas. The company operates more than 815 CNG stations and has connected more than 20.5 lakh households in six states and one union territory.
Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2023, the Government of India held 51.50% stake in the company.
Shares of Gujarat Gas declined 1.46% to currently trade at Rs 564.80 while Indian Oil Corporation gained 2.25% to Rs 170.25 on the BSE.
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