State-run city gas distributor Mahanagar Gas Ltd (MGL) is planning to expand into business sectors other than city gas distribution (CGD) in an effort to diversify its portfolio, a top executive revealed. The business has plans to break into the compressed biogas (CBG) market, the electric car market, the production of CGD equipment, and the sale of LNG as a long-distance fuel. State-run city
gas distributor Mahanagar Gas Ltd (MGL) is planning to expand into business sectors other than city gas distribution (CGD) in an effort to diversify its portfolio, a top executive revealed. The business has plans to break into the compressed biogas (CBG) market, the electric car market, the production of CGD equipment, and the sale of LNG as a long-distance fuel.
Ashu Shinghal, managing director of MGL, "We have some cash on our balance sheet and we would like to expand our portfolio in order to see how we can make its best use." "Roughly 4,000 crores is our net wealth. Since we have no debt, we are able to borrow money if necessary, remarked Shinghal.
Last month, MGL paid 531 crore for a 100% interest in Unison Enviro Pvt. Ltd. (UEPL) in order to expand into new regions and pursue inorganic growth prospects. MGL stated that Unison Enviro would change its name and become a subsidiary.
