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MGL eyeing to acquire ReNew's assets to develop green portfolio
Financial Express Chennai
|February 14, 2025
CITY GAS DISTRIBUTION company Mahangar Gas (MGL) is looking at a significant expansion in its CNG infrastructure while also looking to acquire ReNew's existing renewable energy assets to develop its green portfolio, the company's managing director Ashu Shinghal told FE.
Additionally, the company plans to spend ₹1,000 crore in the upcoming fiscal year 2025-26 as capex compared with ₹800 crore in the current fiscal year.
"We have been doing 25 CNG stations every year. This year, we expect to set up 80 stations. Right now, we are selling CNG at 48% discount to petrol and 18% discount to diesel.
"People are getting more confident about availability of CNG across the highways and hence CGD entities are also building CNG infrastructure on highways," Shinghal said, adding that the CNG market is growing pretty fast.
"With ReNew we are also exploring (for green energy). It's a vast area. We are thinking about existing assets and also thinking of bidding for RTC (round-the-clock) power," Shinghal said, adding that the company will come out with its net zero targets by next year.
This story is from the February 14, 2025 edition of Financial Express Chennai.
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