IFC To Invest $25 Mn In Bhagyanagar Gas
International Finance Corporation (IFC) is investing $25 Mn in Bhagynagar Gas Limited, to fund its gas distribution projects in Andhra Pradesh.
BGL will invest to lay, operate and maintain gas distribution infrastructure in Hyderabad, Vijayawada and Kakinada and as well as in retail outlets for Compressed Natural Gas (CNG).
The total capex to finance the roll-out of the gas distribution infrastructure in three cities is $276 Mn, which includes purchase of steel pipelines, polyethylene pipelines, valves, meters, regulators and filters.
Transaction Reference: IFC
Bhagynagar Gas was established in August 2003 as a joint venture between GAIL (India) Limited and Hindustan Petroleum Corporation Limited (HPCL) to supply natural gas for use in residential, commercial, industrial and automotive sectors in the state of Andhra Pradesh, India.
BGL has been authorized by the Ministry of Petroleum & Natural Gas (MoPNG) and Petroleum & Natural Gas Regulatory Board (PNGRB) to operate in the cities of Hyderabad and Vijayawada.
It won the rights last year to operate in city of Kakinada through a competitive bidding process conducted by PNGRB.
BGL has existing pipeline connectivity with GAIL's LANCO-Kondapalli transmission pipeline at Vijayawada and pipeline connectivity with Reliance's East West Gas Pipeline is in the process of being established near Hyderabad.
Last year, IDFC Private Equity invested in Krishna Godavari Gas Network. IFCI Venture Capital Fund, UTI and IDFC Project Equity had also invsted in Sabarmati Gas Limited (SGL), a Gujarat-based city gas distribution firm jointly promoted by Bharat Petroleum Corp (BPCL) and Gujarat State Petroleum Corp (GSPC).
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 29/10/11 | Bhagyanagar Gas - Open Offer | IPO / Offerings | 2.87 | |
| 23/12/10 | Bhagyanagar Gas - IFC | Private Equity | International Finance Corporation | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 18/04/12 | M&A | GDF Suez | LNG Project | - | Completed |
| 12/04/12 | M&A | Trafigura | Nagarjuna Oil Corporation Limited | 130.00 | Completed |
| 28/02/12 | M&A | GAIL India Limited | Cove Energy Plc | - | Planned |
| 03/02/12 | Private Equity | Goldman Sachs Capital Partners | Aban Offshore Limited (Aban Loyd Chiles Offshore Limited) | 4.59 | Completed |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| International Finance Corporation | Micro Finance Infrastructure Energy |
www.ifc.org | Anup Kumar Agarwal | |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Bhagyanagar Gas Limited | Hindustan Petroleum Corp. Limited GAIL India Limited |
Parishram Bhavan, Ground Floor, APIDC Building, Basheer Bagh. | www.bglgas.com | |
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