Japanese consortium to invest $370 million in I Squared’s India natural gas platform

A Japanese consortium will invest $370 million to acquire a minority stake in I Squared Capital’s platform that invests in companies developing city gas distribution networks in India. These investors include Osaka Gas, Sumitomo Corporation, and Japan Overseas Infrastructure Investment Corporation (JOIN). The platform focuses on Indian city gas distribution networks, operating CNG stations, and supplying PNG and LNG to industrial and commercial customers. The platform has investments in last-mile city gas distribution businesses including THINK Gas and AG&P Pratham that are developing city gas infrastructure across 19 geographical areas covering 325,000 square km.