Indraprastha Gas has signed Share Purchase Agreement (SPA) to acquire upto 50,000,000 equity shares of Rs 10 each of Maharashtra Natural Gas (MNGL) at a price of Rs 38 per equity share from certain financial investor shareholders of MNGL in such a manner so that upto completion of the proposed transaction the Company's shareholding in MNGL shall not exceed 50% of the issued, subscribed and paid up share capital of MNGL. MNGL is in City Gas Distribution business in Pune in the State of Maharashtra.
Indraprastha Gas, incorporated in 1998, is engaged in distribution of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi. In 1999 the company took over Delhi City Gas Distribution Project from GAIL (India). IGL laid the network for the distribution of natural gas in the National Capital of Delhi to consumers in the domestic, transport, and commercial sectors.