Mahanagar Gas Limited (MGL) has officially announced a strategic investment to acquire a 26% equity stake in FPEL Reliant Energy Private Limited. This acquisition, valued at approximately ₹3.89 Crores (₹389 Lakh), was formalized through a Share Subscription and Shareholders’ Agreement (SSA & SHA) executed on March 09, 2026. The transaction includes MGL’s partnership with the holding company, FPEL Saur Vidyut Private Limited, to facilitate the development of a solar power plant in Maharashtra.

The primary objective of this acquisition is to establish a dedicated solar power facility to supply renewable energy to MGL’s CNG stations across the State of Maharashtra. By securing a 26% stake, MGL aims to meet its green energy requirements while ensuring regulatory compliance under the Electricity Act, 2003. The target entity, FPEL Reliant, is involved in the generation and transmission of renewable energy and was incorporated on July 05, 2022. This move is expected to optimize energy costs and enhance MGL’s sustainability profile.

Mahanagar Gas Limited is a prominent city gas distribution company in India, primarily serving the Mumbai Metropolitan Region and adjoining areas like Thane and Raigad. In early 2025, the company focused on expanding its infrastructure, which now includes over 8,182 km of pipeline and approximately 491 CNG stations. Recent updates in 2025 and early 2026 include the appointment of Shri Deepak Gupta as the new Chairman effective March 01, 2026. Additionally, MGL completed a significant merger with its subsidiary, Unison Enviro Private Limited (UEPL), to boost its authorized capital and geographic footprint.

For the third quarter of FY26 (ended December 31, 2025), MGL reported a consolidated revenue of ₹2,267.93 Crores, reflecting a 11.64% year-on-year (YoY) increase. However, consolidated Net Profit (PAT) for the same period stood at ₹201.15 Crores, a decline of 9.76% YoY from ₹222.91 Crores. Major investors in the company as of December 2025 include GAIL (India) Limited, which holds a 32.5% promoter stake, and the Life Insurance Corporation of India (LIC), holding approximately 6.75%. Other notable institutional investors include UTI Value Fund and various foreign portfolio investors.