IGL Clears Key Saudi Gas Tender Stage, Eyes Expansion
Overview
Indraprastha Gas Ltd. has successfully navigated the crucial pre-qualification phase for a significant natural gas distribution network tender in Saudi Arabia. This milestone advances the company into the competition stage, bolstering its international expansion strategy. The move follows a strategic alliance formed to target such opportunities in the Kingdom.
Stocks Mentioned
Indraprastha Gas Ltd (IGL) has successfully passed the initial screening for a major natural gas distribution network tender in Saudi Arabia. The company confirmed receiving communication from Saudi authorities that it has cleared the pre-qualification stage, allowing it to advance to the competitive bidding phase.
This development is a significant step for IGL's international ambitions. The company had previously formed an alliance with Saudi Arabia-based MASAH Construction Company to jointly participate in the tender process. This partnership was specifically geared towards securing licenses for developing natural gas distribution networks across various industrial cities within the Kingdom.
IGL expects the Saudi authorities to share the detailed competition documents for the next stage in due course. The outcome of this tender could represent a substantial new growth avenue for the Indian city gas distributor. Shares of Indraprastha Gas Limited were trading down 0.82% at ₹184.12 on Friday.
