New Delhi, Mar 30 (IANS): Torrent Gas has signed a Share Purchase Agreement (SPA) with the promoters of Sanwariya Gas for the takeover of the company to provide Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Mathura.

The transaction is subject to the approval from PNGRB and fulfilment of other condition precedents. With this acquisition, Torrent Gas has authorisation to set up CGD network across 17 geographical areas spread over 33 districts in seven States and one Union Territory in the Country.

Torrent Gas plans to invest over Rs 8,000 crores in the development of CGD network in these districts over the next 5 years, of which Rs 1,500 crores has already been invested.

In a statement released on the occasion of signing of the SPA, Jinal Mehta, Director, Torrent Gas said, "We are pleased to announce the acquisition of Sanwariya Gas, which increases our presence in 33 districts across India.

"The Sanwariya Gas acquisition is our 4th acquisition in the CGD sector in 3 years and is a demonstration of Torrent's commitment to contributing towards the achievement of the PM's vision of creating a gas-based economy and increasing the share of natural gas in the Indian energy basket.

"Mathura, the land of Lord Krishna, has significant potential for growth in both the CNG and PNG segments and we are committed to significantly expand the already existing CGD infrastructure in Mathura and making CNG and PNG widely available, thereby making it a natural choice for families, small businesses and industries".

H.P. Singh, Director Sanwariya Gas said, "Selling our stake in Sanwariya to Torrent has been a very conscious and considered decision. Torrent Gas brings in a lot of value and we believe the city and the residents of Mathura will immensely benefit from the experience and expertise of Torrent Gas in project execution and its customer centricity. We wish Torrent all the success in taking forward the task that we undertook more than 10 years back."

Apart from being a clean source of fuel, CNG offers greater mileage and lower maintenance costs for vehicle owners. Its superior fuel efficiency and significantly lower cost have resulted into its rapid adoption across the country as a safe and eco-friendly alternative to petrol and diesel.

Similarly, PNG also offers significant savings on costs and is far more convenient as compared to other traditional fuels. Supply of PNG through a reliable network of pipelines will offer enhanced safety, convenience and economy to residential, commercial and industrial customers in Mathura.