Mahanagar Gas Limited (MGL) has entered into definitive documents to acquire 100% of the shareholding of Unison Enviro Private Limited (“UEPL”), through purchase of shares from its existing shareholders which shall take place upon receipt of approval for 100% transfer of shares from Petroleum and Natural Gas Regulatory Board (“PNGRB”/ “Regulator”).
As per the Company announcement, the acquisition will be a pure cash transaction at a cost of Rs 531 crores. UEPL closed FY22 at a turnover of Rs 89.44 crores with a net loss of Rs 24.94 crores and a net worth of Rs 83.44 crores.
This acquisition will enable MGL to expand to newer geographical areas in Maharashtra (Ratnagiri, Latur & Osmanabad) and Karnataka (Chitradurga & Davanagere) thereby providing new avenues for long term growth. The transaction is of strategic importance to MGL and the extended footprint would help the Company to scale its future business development activities across a larger network and customer base.
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