Time to relax for Sarraf as CGD-IX bids come in

PNGRB chairman DK Sarraf can finally take a vacation after two hectic months working to ensure the success of CGD-IX following the submission of bids on July 10.

This report learns BPCL is leading the race after bidding for 38 areas. GAIL Gas bid for 34 while Adani Gas bid for 32.

IndianOil bid for 24 while its Adani joint venture IndianOil Adani Gas Pvt Ltd, bid for another 20. Torrent bid for 29 areas, Gujarat Gas (20), Indraprastha Gas (13), Mahanagar Gas (4), Sabarmati Gas (6) and Green Gas (3).

Newcomer Think Gas has bid for 20 areas. Sarraf will undoubtedly be disappointed by the lack of foreign interest.

Among foreign companies, only Manila-based AG&P, promoters of the proposed Karaikal LNG project, has shown interest by bidding for 14 areas. Planned roadshows in London and Singapore were scrapped after a dismal poor response in Dubai on May 14.

"Hardly 15 people turned up!" we hear. But in India, Sarraf has been living out of a suitcase, travelling constantly over the past two months to implore gas retailers to bid for as many areas as possible.

"Sarraf would ask us how many areas we are thinking of bidding for," says a source. "No matter what our reply, he would always ask us to bid for more.

If this round succeeds, full credit will go to Sarraf but if it fails the blame also lies with him."