Mahanagar Gas Limited (NSEI:MGL) entered into share purchase agreement to acquire Unison Enviro Private Limited from Ashoka Buildcon Limited (NSEI:ASHOKA) and North Haven India Infrastructure Fund, managed by Morgan Stanley Investment Management Private Limited for INR 5.3 billion on March 3, 2023. As of March 31, 2022, Unison Enviro Private Limited from Ashoka Buildcon Limited generated revenue of INR 894.4 million, net worth of INR 834.4 and loss after tax of INR 249.4 million.

The transaction is subject to customary approvals from regulatory authorities. As of December 13, 2023, Petroleum and Natural Gas Regulatory Board (PNGRB) has approved the transaction. As of January 25, 2024, the Company has entered into agreement for creation of pledge of up to 51% of paid-up share capital (post acquisition) of UEPL (originally pledged by the existing shareholder of UEPL). HDFC Bank Investment Banking was transaction Advisor to MGL. Kotak Investment Banking was exclusive Financial Advisor to Ashoka Buildcon and the investment fund managed by Morgan Stanley India Infrastructure on this transaction.

Mahanagar Gas Limited (NSEI:MGL) completed the acquisition of Unison Enviro Private Limited from Ashoka Buildcon Limited (NSEI:ASHOKA) and North Haven India Infrastructure Fund, managed by Morgan Stanley Investment Management Private Limited for INR 5.6 billion on February 1, 2024.