Indraprastha Gas (IGL) has acquired 4.75 crore shares constituting 50% of present paid up capital of Maharashtra Natural Gas Limited (MNGL) in the first tranche at a price of Rs 38 per equity share from certain financial investor shareholders of MNGL.
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.
