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Torrent Gas Eyes Rs3,000 Cr IPO to Fund Expansion, Debt Reduction, and Green Hydrogen Push
May 15, 2025
Torrent Gas, the city gas distribution arm of Gujarat’s Torrent Group, is preparing for an initial public offering (IPO) in the second half of FY25, aiming to raise Rs2,500–Rs3,000 crore at a valuation between Rs10,000 crore and Rs12,000 crore. The funds will be used to support capital expenditure plans and reduce debt. The company is currently in discussions with investment bankers and is evaluating fresh equity issuance or a partial promoter stake sale.
Torrent Gas holds licenses across 34 districts in seven states and one Union Territory, supplying compressed natural gas (CNG) to vehicles and piped natural gas (PNG) to households and industries. It owns a 5% stake in the Indian Gas Exchange and is exploring business expansion through acquisitions. It is also piloting a project in Gorakhpur to blend 2.5% green hydrogen with natural gas—marking its entry into the green hydrogen sector.
The company plans a Rs5,000 crore investment in Tamil Nadu to expand its CGD network, including the construction of 466 km of natural gas pipelines. It recently secured environmental clearance from the Tamil Nadu State Coastal Zone Management Authority (TNSCZMA) for the project.
Separately, Torrent Power reported a Q4 FY24 net profit of Rs1,077.2 crore, up 141% YoY, largely due to deferred tax reversals. The company also plans to raise up to Rs3,000 crore via non-convertible debentures and announced a final dividend of Rs25 per equity share. Despite a slight dip in total income for the quarter, the shift to a new tax regime lowered the effective tax rate, boosting net earnings.