Mahanagar Gas has entered into a Share Subscription and Shareholders’ Agreement (SSA & SHA) with FPEL Reliant Energy (FPEL Reliant) and its holding company FPEL Saur Vidyut (FPEM Saur) on March 09, 2026, to acquire 26% of equity stake in FPEL Reliant, by investing an amount Rs 3.89 crore, to set up solar power plant at State of Maharashtra for consumption at CNG stations.
The objectives of the acquisition are to meet green energy needs, optimise energy costs and comply with regulatory requirements for power consumption by the company as per the Electricity Act, 2003 read with the Electricity Rules, 2005. The acquisition is expected to be completed within 6 months from the date of execution of the SSA & SHA.
Mahanagar Gas is in the business of City Gas Distribution (CGD), supplying natural gas in the city of Mumbai including its adjoining areas and the Raigad district, in the State of Maharashtra, India.
