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 extended footprint would help the company to scale its future business development activities across a larger network and customer base.

The company will acquire 100% shareholding for a cash consideration of Rs 531 crore and it is expected to be completed upon receipt of PNGRB approval and subject to fulfilment of terms and conditions under the transaction documents.

Ashu Shinghal, managing director of MGL, said, "There is great potential of integrating resources and derive synergies from this acquisition. MGL is strategically poised to leverage new opportunities in the CGD sector, as it continues to expand its areas of operations while providing high quality services to its customers.”

Ashish Kataria, director of Ashoka Buildcon and chairman of Unison Enviro, said, “We believe this transaction will help UEPL leverage MGL's strengths to realize its full potential. This successful divestment continues to substantiate ABL's full cycle credentials and efficient use of capital to develop, construct, commission, operate and sale of investments.”

MGL is one of India's leading natural gas distribution companies. It has a natural gas distribution network in Mumbai and its adjoining areas. GAIL (India) (Maharatna Company of Govt. of India) is the promoter of MGL and holds 32.50% stake in the company, as on 31 December 2022.

MGL reported a consolidated net profit of Rs 172.07 crore in Q3 FY23, which is significantly higher as compared with a net profit of Rs 56.79 crore in Q3 FY22. Net revenue from operations increased by 62.62% Year on Year to Rs 1,671.39 crore during the quarter.