RIL made country proud with the development of KG D-6 block, saving large public money

Life at KG D-6 gas field operated by Indian oil and gas sector major Reliance Industries has come to full circle. RIL is completing one year of successful operation at KG D-6. Readers will recall that RIL had started the production at its prolific KG D-6 gas block on April 1, 2009. KG D-6 is the most prolific gas finds in the Indian oil & gas sector and is considered as main source of future gas supply domestically. The RIL operated fields is expected to produce 80 million standard cubic metre of natural gas every day (mmscmd).  

During its one year of operation/production at KG D-6, RIL, on an average has supplied 38.62 mmscmd of gas to major gas consuming sectors. Currently, RIL is producing about 60-62 mmscmd of natural gas from KG D-6 block, which is about three-fourth of India’s total domestic gas production from all other sources. Major beneficiaries of KG D-6 gas are fertilizer, power, steel, city gas distribution sectors among others.

Production of gas from RIL’s KG D-6 block came at a time when the country was witnessing acute gas shortage. As natural gas is considered as the clean and environmentally friendly fuel and also called the ‘fuel of the future’, all the major gas consuming countries want to switch over to natural gas either as their mainstay fuel or feedstock. Intent of these companies to adopt gas as their main source of energy is also motivated from the fact that gas is much cheaper option compared to other liquid fuels apart from its obvious environment friendly nature. However, due to supply constraints, these companies have been deprived of natural gas supply. With the commencement of gas from RIL’s KG D-6 last year, the supply to these gas consuming industries was insured.  The total savings to the nation are worth Rs10,100 crores with 99% share contributed by the power, fertilizer, refineries and steel sectors altogether. The Power sector saves Rs 5400 crores, the fertilizer sector saves Rs 3100 crores, the refineries saved Rs 758 crores and steel savings were of the order of Rs 732 crores per annum.

With savings of such large sum, the Government can utilize this public money in creating better infrastructure, health care facilities, education system and other public utilities. The nation, however, needs to be thankful to KG D-6 and the enormous efforts taken by the RIL in creating such a valuable asset for the nation. RIL had taken huge risk of investing Rs 38,000 crore in developing India’s first deepwater project without much of prior experience in hydrocarbon business, though eventually the company has made the country proud of it.

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KG D-6 gas a boon for Indian power sector:

Gas from KG D-6 field is generating 4,745 MW of power benefitting 15 million households & about 60 million people and saving of over Rs 5,400 crores to consumers. 

Supply of natural gas from KG D-6 gas has come as a boon for Indian power sector, which was severely suffering due to the unavailability of natural gas. Unavailability of natural gas had forced Indian power generators to use costlier liquid fuels like naphtha and fuel oil. With the production of gas from KG D-6 gas starting in April, last year, the present gas demand-supply deficit for power sector has been met. Apart from helping generate more electricity with the availability of additional KG D-6 gas, the cost of power generation also comes down on account of cheaper KG D-6 gas compared to other fuels, thus saving large sum of money for the power sector. 

The volume of gas sold from the KG basin during the year 2009-10 was about 6387 mmscm or about 18 mmscmd. To estimate the impact of KG D-6 gas on Indian power sector, it is assumed that a 1000 MW power plant needs 3.78 mmscmd at 90% PLF. Therefore, 18 mmscmd of KG D-6 gas would have helped roughly in generating nearly 4,745 MW of power. This further implies generation of 37.41 Billion KWH assuming a PLF of 90%. This accounts for nearly 33% of India’s peak demand and 4% of total gross consumption (India's consumption is 800 Billion KWH or about 612 KWH per capita with a peak deficit of 112 Billion KWH). Since the per capita consumption is 612 KWH, power from the KG basin gas of 37.41 Billion KWH has served the needs 15 million households or about 60 million people. 

The cost of power generation from KG D-6 gas is also lower vis-à-vis alternate fuels like naphtha implies an annualized savings of approximately Rs. 5400 crores for consumers. Assuming naphtha price of $10/mmbtu, the cost of power generation from naphtha would be Rs 3.97 per unit. Comparatively, assuming a delivered price of $6/mmbtu, the cost of generation from KG D-6 gas would be Rs 2.50/unit. Hence, the saving per unit would be Rs 1.47 per unit. Since the average household consumes 2448 KWH per year, savings per household would be to the tune of Rs 3,599 per annum or Rs 300 per month.  Since, 15 Million households will benefit from this power; it would imply net a savings of Rs 5400 crores or $1.2 Billion to the consumers.

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Gas supply to fertilizer sector from RIL operated KG D-6 block helped Government to save Rs 3,100 crore during last one year

Fertilizer sector is a major consumer of natural gas in the country as it uses gas as feedstock in urea manufacturing. The major feedstocks presently used in the fertilizer plant are natural gas, naphtha and fuel oil / LSHS and cost of feedstock varies from 65% to 87% of production costs. Since natural gas is one of the most cost effective fuels for fertilizer plants, gas based fertilizer (urea) production accounts for more than 66% of the total fertilizer production. Naphtha and FO/LSHS based production accounts for the balance production.  

However, unavailability of domestically produced natural gas has long been plaguing the Indian fertilizer industry over the years and forcing fertilizer companies to buy costlier naphtha/RLNG resulting in higher urea production cost and subsequently spiraling fertilizer subsidy. 

Commencement of natural gas from RIL operated KG D-6 block has bring a big sigh of relief for urea manufacturers as well as the Government, as the urea manufacturing companies have collectively been allocated 15 mmscmd of natural gas. The present allocation has satisfied the present gas requirement of fertilizer sector and thus reducing the subsidy burden of the Government. 

During 2009-10, the fertilizer sector was supplied about 4360 mmscm or 12.24 mmscmd natural gas on an average from RIL’s KG D-6 block. Back-to-envelope calculation indicates that supply of 12.24 mmscmd of natural gas from KG D-6 block has helped produce 6.10 million tonnes of urea and, thus, saved the Government nearly Rs 3,100 crore.

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Drilling profits

The recent increase in crude oil production target and estimated reserves is positive for Cairn India

Cairn India’s stock has delivered smart returns to investors in the last six months vis-a-vis the BSE Sensex. While last year’s news of crude oil gushing out of Cairn’s Rajasthan block brought some cheer, the recent upgradation of crude oil reserves and a hike of peak output would broaden the smile even further. The proven oil reserves estimate in the Rajasthan fields has been raised from 3.7 billion barrels of oil equivalent (boe) to 4 billion boe.

Addition of contingent resources and increase of 2.5 billion boe from its exploration blocks has seen an upward revision in Cairns’ Rajasthan block resource potential to 6.5 billion boe from 3.7 boe earlier. Overall, with higher production from its core MBA fields, Barmer Hill and newer discoveries, Cairn is expected to deliver a plateau production of 240,000 barrels per day (bpd), from the earlier projected 175,000 bpd.

Improved fortunes

Cairn India’s valuations are strongly leveraged to crude oil pricing outlook compared to its peers. One of the reasons why the stock has been doing well recently is also the surge in the crude oil prices beyond $80 dollar levels. In the first half of 2009-10, with tepid crude prices, Cairn’s fortunes did not look bright. However, the second half had a different tale.

The company’s stock been a major outperformer against both the BSE Sensex and peers like ONGC, as crude oil prices improved on the back of receding fears of global recession. The good news was further confirmed when many experts revised their long-term crude oil price forecast from $75 per barrel to around $85-90 in the medium term. Cairn’s recent announcement (on March 23, 2010) further boosted sentiment. The company now expects to touch peak oil production of 240,000 bpd by around 2012-13, which is 20 per cent higher than what was earlier envisaged.

Mangala drives growth

While the peak crude oil production is some time away (2-3 years) and will be achieved in a gradual manner, Cairn’s production is slated to rise sharply in the next few months. The company is already producing 20,000 bpd from Train 1 (against a capacity of 30,000 bpd). However, the production is expected to reach 125,000 bpd by June 2010 quarter when Train 2 and 3 (production capacity of 50,000 bpd each) would become operational. In time with start-up of the two trains, Cairn’s 600 km heated pipeline up to Saylala (Gujarat coast) is expected to get commissioned.

With the production ramp up on at the Mangala field, the trains and pipeline infrastructure (to commence operations in the next 3 or 4 months), Cairn has already contracted 143,000 bpd of crude oil sales with MRPL, Indian Oil, Reliance Industries and Essar Oil, providing it the visibility for crude off-take. While the tie-up amounts to about three-fifths of its peak oil production, additional demand could come from new capacity additions from Reliance Industries and Essar Oil in the next few years.

Going ahead, Cairn is extending its pipeline infrastructure to Bhogat, Gujarat coast, which is scheduled to get completed in CY2011 and will give it access to marine transportation of crude. With this, the company’s production is expected to touch 175,000 bpd in CY2011, which is expected to be ramped up further to 240,000 in CY2013. These production upsides are subject to government approvals and considering the country’s burgeoning oil imports, they are expected to come sooner than later.

Conclusion 

As per current developmental plans, the processing capacity post-commissioning of all the trains stands at 205,000 bpd, which will be ramped up to achieve a plateau production of 240,000 bpd. Capacity of both the processing terminal as well as the pipeline could be enhanced by minor de-bottlenecking and upgradation of facilities with incremental capex. This along with the planned capex will see Cairn invest about $1.2-1.4 billion by CY2011; it has already invested about $2.7 billion until now. Overall, analysts have implied a value of about Rs 25-35 per share to their earlier target price in line with the enhanced production and new discoveries.

Going ahead, a focus on the latest technologies like 4D, fraccing would come in handy when the company goes for exploration for about 14 wells in three offshore blocks on the west and east coasts of India by September 2010. Cairn India holds exploration and production stakes in 10 blocks in India and one in Sri Lanka (drilling is expected to start in H1 2010-11). The stock currently trades at 7.8 times its estimated 2011-12 earnings, which appears to be fair. Further triggers could come in the form of any major discoveries in its exploratory assets or a spurt in crude oil prices. Investors with a medium-term perspective can consider the stock.

Source: Business Standard

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Cairn turns to KG onshore after Rajasthan success

Cairn India Ltd has turned to a fresh block in Krishna-Godavari Basin for its hydrocarbons pursuit after successfully tapping the Rajasthan fields.

The company has initiated a multi-well exploration drilling campaign in its onshore block that it had won in the fifth round of New Exploration Licensing Policy (NELP).

Speaking to Business Line after Cairn announced a major increase in its oil resource reserve that would lead to higher production from its Rajasthan fields, Mr Rick Bott, Executive Director and Chief Operation Officer, Cairn India, said, “Post the analysis of the seismic data, the exploration team has worked up the best possible prospects for drilling,” he said.

“The work in the producing Rajasthan fields, Cambay Basin block, and Ravva fields (East Coast) is still going on. But we are targeting to meet the commitments made by us in the various NELP blocks awarded in India as well as in a block in Sri Lanka,” he said. Cairn India has 10 blocks in India and one in Sri Lanka.

In block KG-ONN-2003 /1 Cairn India has 49 per cent stake and is the operator, while ONGC holds remaining 51 per cent participating interest. The first rig to spud the well has been mobilised and the contract awarded.

The drilling programme includes three wild cat wells - to be drilled till June 2010.

Wild cat wells are drilled in areas which have not been explored. Subsequently, two exploratory wells would be added around August 2010.

Processing crude

Asked about recent announcement on enhanced resource potential of Rajasthan fields, he said, “Cairn has designed the Mangala Processing Terminal (MPT) to process crude before evacuating for sale to Government nominees and private refiners.

The MPT will process crude from the Mangala, Bhagyam and Aishwariya fields. The MPT is designed to process 205,000 barrels a day of crude (bopd) with scope for further expansion.”

“Now with the enhanced resources, the company is confident of producing 240,000 bopd from its Rajasthan oil fields, up from the earlier peak production profile of 175,000 bopd through the life of the field (which is 40 years),” he added.

EOR programme

Currently, Cairn is producing over 25,000 bopd from its Mangala field in the Rajasthan block and Bhagyam and Aishwariya are expected to go on stream in the next calendar year. Rajasthan blocks continue to show good prospects. Cairn has simultaneously started work on an enhanced oil recovery (EOR) programme.

EOR is normally implemented when the production profile starts declining. Cairn plans to drill 10 wells in the next two years for implementing EOR programme, he said adding that the first of these wells will be drilled in Mangala.

The investments for this enhanced resource reserves development and production will be discussed with joint venture partner ONGC and then deliberations will take place with the management committee of the block, he said. The management committee , which has the nominees of the contractors as well as the representatives of Directorate General of Hydrocarbons and a Government nominee, reviews the operations in the block.

Source: Hindu Business Line

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Emerging glut in LNG market an opportunity for India

Global LNG supply is projected to be far in excess of demand in this decade and India should take advantage of this situation to tie up bulk supplies of imported natural gas under long-term contracts. Being a big consumer, India can easily bargain a competitive price. But the moot question is, is India prepared to capitalise on the emerging glut in the world LNG market?

Increase in LNG imports would necessitate commensurate capacity addition in infrastructure like pipeline, LNG re-gasification terminals, storage capacity and city gas distribution network as well. But with the downstream hydrocarbon regulator Petroleum and Natural Gas Regulatory Board (PNGRB) and the petroleum ministry fighting court battle over jurisdictional issues, adding infrastructure capacity at a required pace would be a serious challenge.

For example, the government set up PNGRB in 2006 to expedite capacity addition in the country’s pipeline and city gas distribution network. The regulator successfully conducted bidding in 2008 for granting authorisation for setting up city gas distribution projects in seven cities. Later, it held the second round of bidding in 2009 for granting authorisation for some more cities. But, meanwhile, jurisdictional issues sparked litigation between PNGRB and the petroleum ministry. The matter is subjudice in the Delhi high court. Pending that, PNGRB cannot grant authorisation for setting up city gas distribution projects in these cities.

The petroleum ministry has proposed setting up a parallel body, national gas highway development authority, to supervise implementation of cross-country pipelines in a bid to clip PNGRB’s powers.

The global LNG supply is projected to outpace demand in this decade because of unforeseen factors like a structural shift towards non-conventional gas in the consumption patterns of key energy-consuming countries such as the US and a significant increase in piped gas supply to Europe from Russia.

At the end of 2009, global LNG liquefaction capacity was estimated at 340 billion cubic metre per annum (bcma). Additional 60 bcma liquefaction capacity currently under construction is expected to be available over next three years. Besides, and other 130 bcma capacity is in various stages of planning, out of which 44 bcma should be commissioned.

“Even with a conservative estimate of capacity addition, the industry would face an overhang of 80-130 bcma between 2010 and 2015, equivalent to 20-35% of usable capacity in 2013,” says global consultancy firm Mckinsey in a recent report.

India has agreed to cut its carbon emissions by 20% by 2020 over the 2005 baseline on a voluntary basis. However, meeting this target would not be possible unless the power sector switches over to natural gas in a big way. Coal accounts for over 50% of India’s primary energy consumption. The power sector is the biggest consumer of coal and accounts for a major share in India’s carbon emissions.

Meanwhile, the Union power ministry has envisaged 100-gw capacity addition during the coming 12th Plan. The bulk of the capacity will be based on coal. While the ministry has envisaged raising the share of supercritical power equipment —which are relatively more energy efficient—reducing carbon emission could still prove a serious challenge given the increase projected in the power generation capacity.

India will have to add power generation capacity at a faster pace in coming years to meet the growing energy requirement of its economy. So, it cannot afford to slow the pace of capacity addition to meet the carbon emission reduction target. Weaning the power sector off dirty coal is the only way India can meet the emission reduction target without compromising its economic growth. But that would not be possible unless the country steps up its LNG import in a big way. Mckinsey has estimated that India’s natural gas demand will nearly double to 320 million standard cubic meters per day by 2015.

Coal continues to be the fuel of choice for power project developers because of its competitive cost economics vis-à-vis natural gas. Power plants using liquid fuels have shifted to natural gas in the wake of increased availability of the clean fuel from domestic sources.

However, additional availability of domestic natural gas is not enough to encourage a major shift in fuel choice for power generation capacity addition. India has no option but to go in for large-scale LNG imports if it is to guide its power sector toward a fundamental shift in fuel choice.

However, the power sector cannot discard dirty coal unless it is assured of long-term supply of LNG at a reasonable price. With the country gradually shifting toward competitive bidding for procurement of power from the current cost-plus system, any power generated would have to compete with coal-generated power for market in the end.

The government has recently imposed a cess on coal to generate revenues for the clean energy fund. The move is expected to go some way toward meeting India’s emission reduction target. However, this needs to be backed by a long-term strategy to assure adequate supply of natural gas to the power sector.

The Indo-US civil nuclear deal has paved the way for the government to expedite nuclear power generation capacity. Meanwhile, the government has also drawn up plans to add 20,000-mw grid-connected solar power capacity by 2022. However, these are base load electricity sources and cannot help in overcoming the country’s peak power shortages.

India’s peak power shortfall is growing by the year. The shortfall in 2009 was estimated at 17%. This is projected to increase to 25% by 2015. With the government struggling to expedite the pace of power generation capacity addition, the problem of peak power shortfall is likely to worsen in coming years. Peak power requirement can be met from hydro and gas-generated power only. While India has the potential to add 1,50,000 mw power from hydro resources, geological surprises and environmental issues pose a serious challenge to expediting capacity addition. Besides, big hydro power projects are also vulnerable to delays because of inter-state disputes over sharing of water resources.

Natural gas can prove useful in addressing problems in other sectors as well. For example, it can replace the usage of LPG in household fuel consumption, petrol and diesel in transportation and naphtha and fuel oil in fertiliser.

Natural gas is much cheaper than LPG and can be used as piped gas for households. Natural gas is increasingly replacing LPG in developed countries. Meanwhile, the use of natural gas as fuel for automobiles is increasing rapidly because it is 30-40% more efficient and much cleaner than petrol and diesel.

If India allows large-scale LNG imports to meet its emission target, it would open up big business opportunities for public sector companies like Indian Oil Corporation, GAIL India and ONGC


Source: Financial Express

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'I see huge growth ...I do not see any competition'

Indraprastha Gas Ltd (IGL) is a pioneer in city gas distribution and the monopoly supplier in Delhi. Currently in a legal battle with the Petroleum and Natural Gas Regulatory Board (PNGRB), Managing Director Rajesh Vedvyas in an interview with Ajay Modi and Jyoti Mukul says the company hopes to vigorously expand in Delhi and other NCR cities, even as it eyes a $1-billion business. Edited excerpts:

What are your expansion plans?

We have chalked out a five-year plan, so that we are able to improve or at least maintain the growth trend in both revenue and profitability. Realisations in 2010-11 should improve by 30 per cent and profitability higher by 15-20 per cent. The years following 2010-11 should also follow this trend. It won’t be surprising to find us touching revenues of $1 billion (Rs 4,500 crore) by 2014-15, from the Rs 1,250 crore estimated for 2009-10.

This will be through expansion in our core business of compressed natural gas (CNG) and piped natural gas (PNG). We have given out around 1,80,000 PNG connections and this number needs to be expanded to at least 5,00,000 in the next five years. There is also huge scope in PNG supply to industry and commercial units, unfilled due to gas sourcing issues. We now have enough gas tied up. So, that segment of business will also be a thrust area and huge growth is expected.

In CNG, the Commonwealth Games is a major growth driver. There will be a substantial increase in the DTC (city bus) fleet. There is a mandate from the Delhi government for all light commercial vehicles to change to CNG. There is a continuing growth in the private car segment, where the number of CNG vehicles is increasing by 40 per cent annually. Currently, there are 3,50,000 vehicles running on CNG and of this, 2,00,000 are private cars. The operating cost of CNG vehicles is 66 per cent cheaper than petrol and 36 per cent lower than diesel vehicles. Users just need to make a one-time investment of Rs 30,000, which can be recovered in two years. 

Big queues are seen outside CNG outlets in the capital. 

Barring a few outlets, no rush is being witnessed. We have taken a massive expansion in the number of outlets. In just one year (2009-10), we added 59 new outlets, taking the number to 240. In our first 11 years, we had added only 181. Land availability is an issue. 

Is there an oversupply of gas? There is a view that LNG should be promoted for city gas.

The city gas business is bound to grow but it will not be able to absorb all the supply. There has to be some kind of mandate from the government to motivate or force some segments of consumers which are more polluting to switch. 

Has the situation changed after the KG-D6 (Krishna-Godavari basin) block (find)?

Gas is no longer an issue. Now is the time for more and more entities to be awarded city gas projects. The challenge will be in setting up infrastructure, the speedy execution of projects. There may be a small problem with authorisation. There could be some issue with transmission of gas where there is a capacity constraint. GAIL is expanding its network and more cities will get linked.

Since 2002, the government has been trying to promote city gas but till early 2009, gas availability was a problem. Even R-LNG (regassified LNG) was not easily available. One had to take spot R-LNG to meet requirement. Now, enough KG-D6 gas is available. The gas availability constraint was removed just about a year ago. 

How much of your gas is R-LNG? Are you also getting APM and D6 gas?

We are pooling the three gases and charging the average cost after including our infrastructure cost and operational cost. This is how price to the customer is fixed. 

Is the demand for city gas expected to grow faster than other consumers, such as power?

City gas distribution takes time for infrastructure to be set up. If one decides today, it can take four-five years just to set up the infrastructure. We have ourselves experienced the pangs. Initially, it took us a lot of time to convince people about the advantages of natural gas. People were sceptical about safety. They need time to appreciate the advantages.

Delhi is a different case, where people run cars over long distances and see value in converting to CNG. In smaller cities, if there is no mandate to switch over to CNG, then we cannot expect people to switch immediately. So, city gas will succeed only with time. But, the business is bound to grow. 

IGL has had problems with PNGRB on authorisation outside Delhi.

IGL began work in cities like Noida, Ghaziabad and Faridabad on the instructions of the Environment and Pollution Control Committee, formed by the Supreme Court in December 2002. Therefore, we prepared a project report, got our board approval and approached the government for gas allocation. Since then, we are working in Ghaziabad.

Later, the UP government gave IGL a NOC (no-objection certificate) in December 2005. Then, we applied for pipeline laying and got permission in January 2008. Meanwhile, we set up two CNG stations at BPCL outlets in Ghaziabad. Our equipment was ordered and we were about to commission more outlets. Around that time, in October 2007, PNGRB came into existence and asked entities to stop incremental activity in city gas unless it authorises. We applied to them, along with a report on status of projects. Again, they sent us a letter in March 2008, asking us not to proceed. They did not even recognise our Delhi authorisation.

After which, the government communicated to PNGRB regarding Delhi authorisation. Even while our application for Ghaziabad was with them, PNGRB took out an advertisement in February 2009, inviting bids for city gas in Ghaziabad. We strongly protested against it. PNGRB then called us for hearing. And, on March 19, they rejected our application, saying that we had not achieved enough progress and we did not meet the criteria laid down by them in March 2008. How could we meet regulations laid down at a later stage? Basically, their regulation was flawed. PNGRB also realised it and started a process to amend these. We approached the Delhi High Court. Moreover, since Section 16 of the PNGRB Act was not notified, the Board did not enjoy powers of authorisation. 

When is the exclusivity period for IGL coming to an end?

Marketing exclusivity will end from January 2012. Network exclusivity is for 25 years. 

Are you geared for any competition that comes?

We are fully geared up. If any player wants to utilise our network, we will have to provide open access. But, we are sure that our customers will find more value in using our services. We have developed high customer satisfaction. I do not see any competition. I do not think anyone else can offer the services at same price and quality as IGL. 

Are IGL margins very high because it gets gas cheaper? There has been a recent increase in CNG price, too.

In the city gas business, we have to cater to all kinds of customers. In our case, we had to put our entire focus on CNG to meet the mandate from the Supreme Court, and in CNG, margins are better. However, in PNG we have low margins. We have not been able to focus on PNG due to stringent CNG targets. To some extent, the high profitability is due to high focus on CNG. Now, we have to expand PNG and we require huge investments, to the tune of Rs 1,500 crore. Our margins will be less once the PNG business is expanded.

If we make CNG cheaper, we will not have money. This year we have to resort to borrowings of around Rs 800 crore. So, far we were a debt-free company. Unless we are in good financial health, nobody will lend us money. 

How do you compare IGL to oil companies which are much bigger in size but have so many problems?

It will be fair to compare us to companies in the same business like Gujarat Gas and Mahanagar Gas. My sense is that we are in more advantageous company because we operate in the National Capital Region. The future is probably brighter for us than for these two and this is reflecting in our share price. People have shown faith in the company. 

Are you facing problems in expanding due to the Commonwealth Games?

We are not allowed to dig land for laying network, particularly in South and Central Delhi. Only after November will we be able to expand the PNG network in these areas. Currently, we are present in 53 zones and will reach another 17 in two years. Wherever our network has penetrated, 30-40 per cent people have switched to PNG. 

Do you plan to expand beyond Delhi and NCR?

We are very open to examine on a case to case basis if it makes sense for us to venture in other cities. This we will try to do alone or in partnership with other companies.

Source: Business Standard

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