Torrent and IGL in race to acquire Sanwariya Gas
Ahmedabad-based Torrent Gas and Delhi-based Indraprastha Gas are in a race to buy Noida-based gas retailer Sanwariya Gas, but it looks like Torrent has the best chance.
This report learns Torrent and IGL are both talking to Sanwariya, previously knowns as Saumya DSM, which has sold Gas in Mathura since 2014 after winning a licence on June 18 (2009). IGL confirms it is interested in buying Sanwariya.
"We have been speaking with them for a long time," says IGL managing director ES Ranganathan. "But due to Covid-19 talks have stalled," Ranganathan adds IGL was initially interested in Moradabad, Bagpat and Mathura (all in Uttar Pradesh) but that Moradabad (previously owned by Siti Energy) and Bagpat (formerly owned by Essel Gas and Avinash Em Projects) are no longer available.
Ranganathan says only Mathura remains of the three areas it had identified and that IGL is interested because of the city's proximity to its territories. "It will be easy to set up and manage CGD operations," we hear.
"Networks are already in place so that revenue generation can begin immediately after acquisition." Torrent and Think Gas are interested in the area, says Ranganathan.
"Torrent has deep pockets and is on a rapid expansion spree," an industry source says. Torrent sources confirm the company continues to look for new acquisitions, especially smaller CGD companies which have networks in place.
