OSAKA, Japan, Dec 20 (Bernama-BUSINESS WIRE) — Osaka Gas Co., Ltd. (“Osaka Gas”) today announced its participation in the City Gas Distribution (CGD) business in India through its wholly-owned subsidiary Osaka Gas Singapore Pte., Ltd. (“OGS”) by investing in AG&P CGD HoldCo SPV3 (Singapore) Pte., Ltd. (“AG&P SPV3”), together with Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (“JOIN”). AG&P City Gas is developing the 12 CGD geographical areas it was awarded in South India and Rajasthan. Osaka Gas is the first Japanese company to participate in the CGD sector in India through this investment.
As a successful bidder for the city gas development projects supported by the Government of India, AG&P City Gas obtained exclusive gas sales rights and infrastructure ownership rights (“exclusive rights”) in India for a fixed period of time for its 12 concessions. India promotes greater use of natural gas¹ through the development of city gas infrastructure that supports the wider use of compressed natural gas vehicles (“CNG vehicles²”) in response to the increasing energy demand and a need to reduce carbon emissions and air pollution resulting from economic growth in the country.