Liquidity Events
Mahanagar Gas acquires gas distributor Unison Enviro from Morgan Stanley for Rs.531-Cr
Publicly listed Mahanagar Gas (MGL) has acquired fellow Mumbai-based Unison Enviro Private Limited (UEPL), an entity backed by North Haven, an unit of Morgan Stanley India Infra Fund. MGL will take 100% stake in UEPL for INR 531 crore. HDFC Bank Investment Banking was the exclusive Transaction Advisor to MGL. Kotak Investment Banking was the exclusive Financial Advisor to Ashoka Buildcon and the Morgan Stanley fund. Incorporated in 2015, UEPL is a subsidiary company of Ashoka Buildcon Limited and operates city gas distribution business in Ratnagiri and Latur and Osmanabad districts in Maharashtra and also Chitradurga and Davanagere in Karnataka. UEPL's coverage includes 37,362 sq km, about 10 million population and about two million households. For FY22, UEPL reported a Turnover of INR 89.44 crore and a Loss of INR 24.94 crore. MGL is a natural gas distribution company supplying compressed natural gas (CNG) to vehicles and piped natural gas (PNG) to domestic, commercial, and industrial consumers in Mumbai, Navi Mumbai, Thane and Raigad district.
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