In a bid to diversify its portfolio, state-run city gas distributor (CGD) Mahanagar Gas Ltd (MGL) is planning to expand into business areas other than city gas distribution (CGD), a senior executive said.
The company is planning to enter the compressed biogas (CBG) segment, the electric vehicles market, equipment manufacturing for CGD companies and retailing LNG as fuel for long-haul transportation.
“We have some cash on our balance sheet and we would like to expand our portfolio in terms of seeing how we can make its best use,” said Ashu Shinghal, managing director, MGL. “Our net worth is around ₹4,000 crore. We are a zero-debt company, so we can also take a loan in case required,” added Shinghal.
Last month, MGL acquired 100 percent shareholding of Unison Enviro Pvt. Ltd. (UEPL) for ₹531 crore to enter new geographical areas for pursuing inorganic growth opportunities. MGL said Unison Enviro would become a subsidiary and would be rebranded.
