THINK Gas

What THINK Gas does

THINK Gas is India's second-largest city gas distribution (CGD) company, formed from the February 2025 merger of AG&P Pratham and Think Gas under a unified brand. The company is backed by Japanese energy major Osaka Gas with a committed $1 billion investment over 8 years, and is headquartered in Delhi with regional operations across 10 Indian states. THINK Gas holds PNGRB authorization to distribute natural gas in 19 Geographical Areas (GAs) covering 49 districts, giving it exclusive franchise rights to supply approximately 18 million households, commercial establishments, industrial customers, and vehicle owners within those areas.

The company operates a multi-modal natural gas distribution network comprising piped natural gas (PNG) infrastructure — household, commercial, and industrial pipeline connections; compressed natural gas (CNG) fueling stations (450+ operational, co-located with IOCL, BPCL, and HPCL fuel stations, with plans to scale to 1,500 within five years); and LNG/LCNG stations for industrial users and heavy-duty transport in areas without pipeline connectivity. Technology infrastructure includes a GIS-enabled availability platform, 1 million NB-IoT smart gas meters being deployed in partnership with Polaris Smart Metering, and SCADA-monitored pipeline networks. The technology stack is infrastructure-led rather than software-led, and the company has not disclosed proprietary AI/ML capabilities.

Revenue is generated entirely through usage-based gas sales (per kg for CNG, per SCM for PNG and LNG) with no subscription or fixed-fee model. Pricing is regulated under PNGRB's unified tariff framework, which was restructured effective January 1, 2026, collapsing three transportation zones into two. THINK Gas monetizes across four primary customer segments: domestic households (PNG for cooking), commercial establishments (PNG for restaurants and kitchens), industrial customers (PNG/LNG for manufacturing, steel, chemicals), and transport operators (CNG for autos, taxis, LCVs, HCVs). GTM is hybrid — direct enterprise sales and field teams for industrial and commercial accounts, OEM and OMC co-location partnerships for CNG, and a GIS-platform-driven self-service motion for household connections. The company's growth is structurally aligned with India's national CGD expansion policy, including the PNGRB PNG National Drive 2.0 mandating LPG-to-PNG migration in covered areas.

Name

THINK Gas

Legal name

THINK Gas

Website

https://think-gas.com

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

51–100 employees

Short description

THINK Gas is India's second-largest city gas distribution company, formed from the 2025 merger of AG&P Pratham and Think Gas. It supplies CNG, PNG, and LNG to households, commercial establishments, industries, and vehicle owners across 49 districts in 10 Indian states.

Ownership category

akta.pro rank

Product category

City Gas Distribution

NAICS

Natural Gas Distribution (2212), Natural Gas Distribution (22121)

SIC

Natural Gas Distribution (4924)

akta.pro primary industry

CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)

akta.pro secondary industry

Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA)

Keywords

• City gas distribution
• Natural gas supply
• Piped natural gas
• Compressed natural gas
• LNG distribution

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. CNG Sales for Vehicles: Compressed Natural Gas sold at CNG stations for vehicles including autos, taxis, cars, LCVs, and HCVs. Revenue generated through fuel sales at company-owned and co-located CNG stations.
2. Domestic PNG Connections: Piped Natural Gas supplied to households for cooking, providing 24/7 uninterrupted gas supply through direct pipeline connections.
3. Commercial PNG: PNG supply to restaurants, commercial kitchens, and small businesses with 24/7 availability, eliminating need for LPG cylinder storage and reordering.
4. Industrial PNG: Natural gas supply to industrial establishments including manufacturing plants, factories, and large commercial operations requiring continuous high-volume gas supply.
5. LNG Sales: Liquefied Natural Gas sold at LNG stations for heavy-duty transport vehicles and industrial applications.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels9 records

Core offering

THINK Gas is a city gas distribution company that supplies natural gas (CNG, PNG, and LNG) to households, commercial establishments, industrial customers, and vehicle owners across 49 districts in 10 Indian states. The company operates 450+ CNG stations, extensive PNG pipeline networks for domestic, commercial and industrial use, and LCNG stations for LNG supply in areas without pipeline connectivity. It operates as a merged entity of AG&P Pratham and Think Gas, backed by a $1 billion investment commitment from Osaka Gas (Japan).

Product overview

THINK Gas is a city gas distribution company offering a unified portfolio of natural gas products across the energy value chain. The core offerings include CNG (Compressed Natural Gas) for vehicles with 450+ fueling stations, PNG (Piped Natural Gas) for household cooking, industrial, and commercial use delivered via pipeline networks, and LNG (Liquefied Natural Gas) for industrial customers in areas without pipeline connectivity through LCNG stations. The company operates as a merged entity of AG&P Pratham and Think Gas, covering 49 districts across 10 Indian states, serving approximately 18 million households through 19 geographical areas.

Differentiator

Problem solved

Functional benefit

Brands

• Think Gas Connect: Customer self-service portal for managing connections, payments, and billing.
• LPG Free Zones
• Retro Zone
• Fleet Program (Mileage Cards)

Products and services

• CNG (Compressed Natural Gas) for Vehicles Compressed Natural Gas fuel for vehicles providing fuel-efficient and cost-effective alternative to petrol/diesel with higher vehicle performance and greater mileage. THINK Gas operates 450+ CNG stations across India offering approximately 45% savings versus conventional fuels. Target customers include auto-rickshaw drivers, taxi owners, personal vehicle owners, and commercial fleet operators.
• PNG (Piped Natural Gas) for Households Direct pipeline supply of natural gas for domestic cooking, providing 24/7 supply, safety, and 10-15% cost savings compared to traditional LPG cylinders. Eliminates cylinder storage hassles and supply unpredictability. Connections are available across 49 districts in 10 Indian states through PNGRB-authorized geographical areas.
• PNG (Piped Natural Gas) for Industries Natural gas supply for industrial establishments providing green energy solutions that reduce pollution, create healthier work environments, and lower operational costs. Provides continuous high-volume gas supply through dedicated pipeline connections, eliminating fuel storage infrastructure needs.
• PNG (Piped Natural Gas) for Commercial Use Pipeline natural gas supply for commercial establishments including restaurants, hotels, commercial kitchens, and small businesses. Provides 24/7 availability without cylinder storage requirements, reducing carbon footprint and eliminating LPG cylinder management overhead.
• LNG (Liquefied Natural Gas) Liquefied Natural Gas supply primarily for industrial customers and heavy-duty transport, transported via LNG tankers to areas without pipeline connectivity, supplied through LCNG (Liquefied Compressed Natural Gas) stations that convert LNG to CNG for vehicle fueling or pipeline PNG for customers.

Quantifiable outcome

• 10-15% cost savings compared to LPG for households
• +6 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

16 partnerships are on record, tiered core and minor.

• AG&P PrathamcoreStrategic or Co-development Partner · 13 February 2025AG&P Pratham and Think Gas merged under the brand THINK Gas, creating India's second largest city gas distribution company. The merged entity operates across 10 states in India, covering 50 districts and serving over 180 million consumers. The merger includes a $1 billion investment aimed at expanding natural gas network, pipelines, and CNG stations over 8 years.
• Polaris Smart MeteringcoreTechnology or IntegrationPolaris Smart Metering secured a deal to supply 1 million NB-IoT smart gas meters to Think Gas in India, part of $4+ billion global investment in AI-powered smart gas distribution hardware.
• Indian Oil Corporation Limited (IOCL)coreChannel Partner/ Reseller/ DistributorIOCL is a key partner for co-located CNG stations. THINK Gas operates CNG stations co-located with IOCL fuel stations across multiple states including Tamil Nadu, Karnataka, and Rajasthan.
• Hindustan Petroleum Corporation Limited (HPCL)coreChannel Partner/ Reseller/ DistributorHPCL partnership for co-located CNG stations. Major CNG station launches have been co-located with HPCL fuel stations across Karnataka, Kerala, Tamil Nadu, and Rajasthan.
• Bharat Petroleum Corporation Limited (BPCL)coreChannel Partner/ Reseller/ DistributorBPCL partnership for co-located CNG stations across operational areas including Karnataka, Kerala, and other states.
• Maruti Suzuki India LimitedcoreOEM/ Whitelabel/ Licensing PartnerOEM partnership for CNG vehicle sales. Maruti Suzuki CNG models (passenger and commercial) are showcased at THINK Gas CNG station events and promotional activities.
• Tata MotorscoreOEM/ Whitelabel/ Licensing PartnerOEM partnership for CNG commercial vehicles and buses. Tata Motors vehicles displayed at THINK Gas promotional events and CNG melas.
• Bajaj AutocoreOEM/ Whitelabel/ Licensing PartnerPartnership for CNG auto rickshaws (3-wheelers) and commercial vehicles. Bajaj Auto participates in CNG awareness events and vehicle displays.
• PiaggiominorOEM/ Whitelabel/ Licensing PartnerPartnership for CNG commercial vehicles (Piaggio Ape City NXT) promoted at THINK Gas events in Karnataka and Tamil Nadu.
• Leafiniti Bioenergy Private Ltd.minorStrategic or Co-development PartnerCBG (Compressed Biogas) supplier based in Bagalkot district with production capacity of 10.2 tonnes per day. THINK Gas procures CBG for CNG distribution network.
• PNGRB (Petroleum and Natural Gas Regulatory Board)coreStrategic or Co-development PartnerRegulatory body authorizing CGD networks. PNGRB launched National PNG Drive 2.0 with THINK Gas participating, targeting 53,136 new PNG connections and 4-5 lakh consumers by December 2026.
• MoPNG (Ministry of Petroleum and Natural Gas)coreStrategic or Co-development PartnerGovernment ministry overseeing natural gas sector policies. Ministry supports CGD expansion and PNG adoption initiatives.
• GAIL Gas LtdcoreStrategic or Co-development PartnerGAIL Gas is a competitor in city gas distribution but also connected through pipeline infrastructure. GAIL operates the national gas grid connecting to THINK Gas distribution networks.
• HLL (Hindustan Latex Limited)minorImplementation/ SI/ Consulting PartnerHLL collaborated with THINK Gas for emergency response protocols, conducting joint Level-2 mock drills for gas leak scenarios at LCNG stations in Kerala.
• We Grow Forest FoundationminorStrategic or Co-development PartnerCSR partnership with Kerala-based NGO for urban revitalization projects including General Hospital Junction redevelopment in Thiruvananthapuram.
• Sri City (Andhra Pradesh)minorStrategic or Co-development PartnerNatural Gas Utility Partner for Sri City Industrial Area. THINK Gas laying City Gas Pipeline network in Sri City Industrial Area with ground-breaking ceremony attended by Chief Minister Nara Chandrababu Naidu.

Scale indicators13 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Adani Total Gas: Listed joint venture of Adani Group and TotalEnergies, expanding CGD presence across multiple Indian states. Competes with THINK Gas in overlapping geographical areas and shares the same CNG/PNG product mix.
• GAIL Gas: Subsidiary of GAIL (India) Limited, one of the largest CGD operators in India. Operates PNG and CNG networks across many states, including connections to national gas grid infrastructure that THINK Gas also relies on.
• Gujarat Gas: Largest listed CGD company in India by volume, serving Gujarat and other states with CNG and PNG. Operates in many of the same regulatory and competitive dynamics as THINK Gas.
• Mahanagar Gas (MGL): Listed CGD player serving Mumbai and surrounding areas with CNG and PNG for domestic, commercial, industrial, and transport customers. Closely comparable business model and regulatory environment to THINK Gas.
• Indraprastha Gas (IGL): India's largest listed city gas distribution company, supplying CNG and PNG in Delhi NCR and adjoining states. Directly comparable to THINK Gas in product mix (CNG + PNG) and customer segments (household, commercial, industrial, transport).
• Torrent Gas: CGD arm of the Torrent Group, authorized to operate in multiple Indian states. Competes with THINK Gas in CNG station and PNG rollout across overlapping GAs.

Others

• Petronet LNG: India's largest LNG import and regasification company, supplying regasified LNG to CGD networks including THINK Gas. Comparable as an enabler/infrastructure provider in the same gas value chain, but not a direct CGD retailer.

Broad incumbents

• Hindustan Petroleum (HPCL) - Gas Business: PSU oil marketing company with growing CGD and CNG footprint and a co-location partner for THINK Gas stations. Comparable in CNG retail infrastructure but with a far larger downstream portfolio.
• Bharat Petroleum (BPCL) - Gas Business: PSU OMC with CGD operations and a co-location partner for THINK Gas CNG stations. Competes in CNG retail while operating a much broader refining and marketing business.
• Indian Oil Corporation (IOCL) - Gas Business: Major PSU oil marketing company with its own CGD arm and a key co-location partner for THINK Gas CNG stations. Overlaps with THINK Gas on CNG retail and PNG distribution, but as part of a much broader energy portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/THINKGasIndia
• YouTubeyoutube.com/@THINKGas/featured
• Facebookfacebook.com/TG.thinkgas
• LinkedInlinkedin.com/company/ag-p-pratham
• Instagraminstagram.com/tg_thinkgas

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about THINK Gas