Osaka Gas, Sumitomo, and JOIN to Invest in Expanding City Gas Distribution Business in India [Yahoo! Finance]
SUMITOMO CORP S/ADR (SSUMY)
NASDAQ:AMEX Investor Relations:
sumitomocorp.co.jp/en/ir
Company Research
Source: Yahoo! Finance
LTD. (OGS) has reached an agreement with Sumitomo Corporation (Sumitomo) and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) to invest in AG&P LNG Marketing Pte. Ltd. (AG&P LNG Marketing), aiming to boost AG&P LNG Marketing's city gas distribution (CGD) business in India. This investment will be made through a Japanese consortium jointly owned by OGS, Sumitomo, and JOIN. This marks OGS' second major investment in the CGD business in India, following the first one in 2021. OGS intends to establish a medium- to long-term revenue stream in India while contributing to a stable supply of low-carbon energy. This investment allows AG&P LNG Marketing to expand its gas distribution coverage in India. Since 2021, the company has been developing CGD business in twelve geographical areas (GAs) under the brand name AGP Pratham, primarily in the suburbs of southern India. With this new investment, AG&P LNG Marketing will also develop seven additiona
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