SpiceGas aquires majority stake in BND Gas

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Surat, July 10 (UNI) SpiceGas, a company of Spice Energy Group, today announced the acquisition of a majority stake in BND Gas, a Surat-based AutoLPG Gas company. The merged entity will be renamed as "SpiceGas Gujarat".

Talking to media here, Spice Gas Chairman Raman Chauhan said that SpiceGas Gujarat will embark upon an ambitious nationwide Rs.

200 crore AutoLPG Gas fueling station project which will be further expanded to Maharashtra, Madhya Pradesh, Tamil Nadu, Kerala and Karnataka.

"The company is expected to roll out 550 AutoLPG fueling stations generating Rs 500 crore of sales revenue". SpiceGas is making a foray into energy sector with initiatives in exploration, refining, shipping, gas and retail.

Mr Chauhan added that due to the rising prices of crude oil in the international market, the Indian Government is making high subsidy payments to maintain current pricing levels for petrol, diesel, and CNG. ''Auto LPG'', a free market product with no subsidies, is 40 to 60 per cent cheaper than fossil fuel. It produces 20 per cent less carbon emission.

UNI PVN LY AG1628

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