Indraprastha Gas, Delhi based city-gas distributor jointly promoted by GAIL and Bharat Petroleum Corporation, is likely to pick up BG's stake in Mumbai based gas retailer Mahanagar Gas (MGL). GAIL is also a contender for BG's 65% stake in Gujarat Gas. The company has already discussed the intention with GAIL.
MGL offers piped-natural gas to around five lakh domestic customers and 1,200 small commercial and industrial establishments in Mumbai and adjoining areas. It also supplies CNG to 2 lakh vehicles through 150 filling stations and 750 dispensing points across Mumbai, Thane, Mira-Bhayander and Navi Mumbai.
The company’s net profit after tax has registered growth of 16.52% at Rs 77.22 crore for the quarter under review as compared to Rs 66.28 crore for the quarter ended September 30, 2010. Its total Income has increased by 33.90% at Rs 598.99 crore for the September quarter of the current fiscal as compared to Rs 447.33 crore for the corresponding quarter of the previous fiscal.