Indraprastha Gas (IGL) said that it has has signed memorandum of understanding (MoU) (MOU) with two technology partners to establish compressed biogas (CBG) plants across Delhi, Haryana, Rajasthan, and Uttar Pradesh.
Further, the company has already empaneled two other partners for the same purpose.
The biogas produced from these 19 plants shall be fed into IGLs city gas distribution network.
"This partnership aims to produce 0.45 MMSCMD (million metric standard cubic meters per day) of biogas from waste, equivalent to approximately 5% of IGL's daily requirements, the company said in a statement.
Indraprastha Gas is a natural gas distribution company. It supplies natural gas as cooking and vehicular fuel.
The companys consolidated net profit declined 13.97% to Rs 475.45 crore in Q3 FY24 as against Rs 552.67 crore recorded in Q3 FY23. Revenue from operations rose 2.82% quarter on quarter to Rs 3556.19 crore in the December quarter.
The scrip rose 0.31% to currently trade at Rs 450.75 on the BSE.
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