Mahanagar Gas Hits the Gas, Acquires Unison Enviro in Landmark Deal

Mahanagar Gas (MGL) successfully completed the acquisition of Unison Enviro (UEPL) by securing a 100 percent stake, following approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) on December 13, 2023. This strategic move, marking MGL's inaugural acquisition, aligns seamlessly with the company's long-term growth strategy.

The acquisition not only serves to enhance MGL's city gas distribution core business but also positions UEPL for sustained growth by capitalizing on domain expertise and achieving cost optimization through potential integration and synergies.

MGL enlisted HDFC Bank as its exclusive transaction advisor, with Kotak Mahindra Capital Company serving as the exclusive financial advisor to ABL and the investment fund managed by MSII.

Beyond this significant acquisition, MGL has diversified its energy portfolio by establishing Mahanagar LNG. Moreover, in collaboration with the Brihanmumbai Municipal Corporation (BMC), MGL is actively involved in setting up one of Mumbai's largest biogas plants, focusing on municipal solid waste. Embracing promising areas such as hydrogen, electric vehicles (EV), and renewables, MGL is proactively exploring opportunities to propel its growth in the ever-evolving energy landscape.

News by Rahul Yelligetti