Highly modular nature of capex with initial focus on CNG to ensure high ROCE. We hosted four CGD players, a retired policy expert and a Morbi based ceramic major to understand growth drivers for City Gas Distribution (CGD) sector. All CGD participants were extremely positive on growth prospects and expect accelerated development ahead. We sensed that the recent regulatory clarifications added to their comfort. Steep discounts to petrol and diesel is driving CNG volumes and overall margins for CGDs. The CGD players are fairly confident in meeting their aggressive Minimum Work Programme...