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Adani Total Gas, INOXCVA join hands to strengthen LNG ecosystem in India

Both companies will accord a preferred partner status for delivery of LNG equipment and services

Ahmedabad, February 2024:Adani Total Gas Ltd (ATGL), India’s leading city gas distribution company and INOX India Ltd (INOXCVA), one of the world’s leading cryogenic liquid storage, distribution and re-gas solutions providerbased in Gujarat, have entered into a mutual support agreement, under which ATGL and INOXCVA shall mutually accord a “preferred partner”status for the delivery of LNG and LCNG equipment and servicesfor identifying and exploring possible collaboration opportunities for strengthening the LNG ecosystem in the country.

As preferred partners, ATGL will have certain inherent project level benefits,which includes preferential treatment to ATGL and access to advanced scheduling, and consideration for collaborative opportunities for establishing LNG/LCNG stations, LNG satellite stations, transitioning to LNG as a transport fuel, LNG logistics, as well as developing small-scale liquid hydrogen solutions for the industry.

The mutual support agreement covers role and obligations on either side to leverage expertise of both the Parties to develop the LNG Infrastructureincluding small-scale LNG plants, LNG stations, bringing economy of scale for conversion of heavy vehicles on LNG, developing best practices towards HSE, fuel efficiency, high quality conversion and services.

Speaking on the collaboration, Suresh P Manglani,Executive Director & CEO, ATGL said,“Air pollution and greenhouse gas (GHG) emissions are on the rise.With the ongoing rapid industrial growth and huge increase in heavy vehicles for transportations of goods, challenges will become even more formidable going forward. This partnership with INOXCVA shall help ATGL in furthering phased transition of long-haul heavy vehicles, buses currently using HSD/diesel to LNG,thereby helping over 30% reduction in CO2 and GHG emissions. ATGL will also fast-track setting up of LNG stations across the country for boosting the confidence of fleet operators to embrace LNG as transportation fuel.”

Speaking on the collaboration, Siddharth Jain, Promoter and Non-Executive Director, INOXCVA said, “As our economy prepares to go an overdrive, it is imperative that we also maintain a focus on ensuring that the transition happens in a sustainable manner. We are,therefore,excited about our cooperation with ATGL, which would look to strengthen the LNG ecosystem and building& promoting LNG as a transport fuel. Our combined synergies, backed by expertise and scale of both the Parties will truly benefit the stakeholders in the economy in reducing emissions, and make significant contributions towards the green transition.

About Adani Total Gas

Given its gas distribution, ATGL is authorised in 33 Geographical Areas and plays a significant role in the nation’s efforts to enhance the share of natural gas in its energy mix. Of the 52 GAs, 33 are owned by ATGL and the balance 19 GAs are owned by Indian Oil-Adani Gas Private Limited (IOAGPL) – a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited. Further, ATGL has formed 2 wholly owned subsidiaries namely Adani TotalEnergies E-Mobility Ltd (ATEL) and Adani TotalEnergies Biomass Ltd (ATBL) for its E-Mobility and Biomass Business respectively. ATGL has also formed a 50:50 joint venture, namely Smart Meter Technologies Private Limited for its gas meter manufacturing business.

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INOXCVA is one of the world’s leading providers of customized cryogenic solutions to global customers across the clean energy space including industrial gases, LNG, hydrogen and cryo-scientific applications, for over three decades. It’s offerings include standard cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment and solutions as well as large turnkey projects which are used in diverse industries such as industrial gases, liquified natural gas (“LNG”), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction.In addition, it manufactures a range of cryogenic equipment utilised in global scientific research projects. We also were the largest exporter of cryogenic tanks from India in terms of revenue in Fiscal 2022. (Source: CRISIL Report, November 2022).