Mahanagar Gas Limited has informed the Exchange about Acquisition
MGL · price
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Mahanagar Gas Limited (MGL) is acquiring a 26% equity stake in FPEL Reliant Energy Private Limited for a cash investment of Rs. 389 Lakh. The target is a small private company incorporated in July 2022, focused on solar and renewable energy generation, with zero turnover over the last three financial years and a negative net worth of Rs. (-) 4.73 Lakh as of March 2025. The purpose of the deal is to set up a solar power plant in Maharashtra to supply green energy to MGL's CNG stations, helping optimise energy costs and meet regulatory requirements under the Electricity Act. The transaction is not a related-party deal but will make FPEL Reliant an associate company of MGL post-acquisition, expected to close within 6 months.
The investment size is very small (Rs. 3.89 crore) and is unlikely to materially affect MGL's financials or stock price in the short term. However, it signals a strategic push towards renewable energy for CNG station operations, supporting long-term cost savings and ESG positioning.