I disagree that the growth is limited, India isn’t a CNG nation, maybe 30-40 years down the line!
IGL and MGL has been winning other GA’s /, the best thing that the government is finally opening to expansion in other areas!
Although it had allowed other companies to occupy the 20% of existing capacity, the long term lease does give more sense of stability of the business and also the existing pipeline is going to reap them benefits forever.
Talking especially of IGL, collaboration with regional player, like GAIL is going to give them an edge over the new players!
How I see this space is unlimited demand and almost no supply, also the MOAT around this business is allocated GA’s and existing pipelines!
I definitely see this in the 10 year long term portfolio!!!