Friday, Apr 26 2024 | Time 23:07 Hrs(IST)
image
Business EconomyPosted at: Feb 18 2020 6:45PM


Torrent group hails apex court judgement regarding dismissal of Adani Gas plea

Ahmedabad, Feb 18 (UNI) Torrent Gas, a subsidiary of Torrent group, has hailed the Supreme Court judgement that upholds authorisation by Petroleum and Natural Gas Regulatory Board (PNGRB) to the company for creating City Gas Distribution network in Chennai and Tiruvallur.

Appeal filed against authorisation by Adani Gas was dismissed by the apex court on Monday.

Executive Director of Gujarat based torrent group, Jayesh Desai today said that Torrent Gas was authorized by the PNGRB, pursuant to an international competitive bidding process on 7th September 2018, to lay the City Gas Distribution (CGD) infrastructure to provide Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in the Districts of Chennai and Tiruvallur in the State of Tamil Nadu.
This authorisation by PNGRB was challenged by Adani Gas Limited on the ground that the bid of Torrent Gas was unreasonably high and PNGRB ought to have rejected the bid. The SC vide its judgement in Civil Appeal Number 3992/2019, dated 17th February 2020 has held that the power to determine the reasonability of the bids resides solely with the PNGRB by virtue of Clause 14.2 of the Bid Document and that PNGRB’s determination on reasonability was neither arbitrary nor violating the principles of natural justice. All contentions of the plaintiff petitioners were rejected, and their appeals against the PNGRB’s award dismissed, he said.
This judgement clears the deck for laying CGD infrastructure in Chennai and Tiruvallur, which is the only metro region in the country where CGD infrastructure doesn’t exist as on date. Torrent Gas is committed to build a robust and efficient CGD network and making CNG and PNG widely available to the citizens of Chennai and Tiruvallur districts, he added.

Notably, Torrent Group, with revenue of Rs 21,000 crores (USD 3 billion), has a strong presence in Pharmaceuticals, Power and City Gas Distribution (CGD) sectors.
Torrent Gas, the Group’s CGD business, is one of the leading CGD companies in the country and has been authorised for 16 GAs covering 32 districts across 7 States (Maharashtra, Uttar Pradesh, Gujarat, Rajasthan, Punjab, Tamil Nadu and Telangana) and 1 UT (Puducherry). Torrent’s authorised areas have a total population of over 9 crore people, which is around 7 per cent of the total population of India.
UNI RAJ ASN 1845
Please log in to get detailed story.
Tags: #Torrent group hails apex court judgement regarding dismissal of Adani Gas plea
More News
Sensex nosedives 609 28 pts

Sensex nosedives 609 28 pts

26 Apr 2024 | 5:26 PM

Mumbai, April 26 (UNI) Snapping a winning streak of last five sessions, the BSE Sensex on Friday, the last session of the week, tanked 609.28 pts to settle at 73730.16 amid mixed global cues.

see more..
Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

26 Apr 2024 | 5:00 PM

New Delhi, April 26 (UNI) On the back of solid volume growth, the country's largest carmaker Maruti Suzuki on Friday reported 47.80% jump in standalone net profit at Rs 3,877.8 crore for January-March period (Q4) of financial year 2023-24.

see more..

Shriram Finance net jumps 57 pc to Rs 2,021 cr in Q4

26 Apr 2024 | 3:52 PM

New Delhi, April 26 (UNI) Shriram Finance on Friday reported 56.91% year-on-year jump in consolidated net profit at Rs 2,021.28 crore for the January-March period (Q4) of financial year 2023-24.

see more..
Maruti Suzuki gets show-cause notice from Legal Metrology dept

Maruti Suzuki gets show-cause notice from Legal Metrology dept

26 Apr 2024 | 2:39 PM

New Delhi, April 26 (UNI) The country's leading carmaker Maruti Suzuki India on Friday said that it has received a show-cause notice from the Legal Metrology office in Rishikesh, Uttarakhand.

see more..

Onkar Kanwar gets Lifetime Achievement Award

26 Apr 2024 | 2:08 PM

Kochi, April 26 (UNI) Chairman of Apollo Tyres Ltd, Onkar Kanwar, has been conferred with the Lifetime Achievement Award at the All India Management Association (AIMA)’s Managing India Awards ceremony.

see more..
image