Mumbai: Mahanagar Gas Limited (MGL) has signed a Share Purchase Agreement (SPA) with Unison Enviro Private Limited (UEPL) and existing shareholders of UEPL (Ashoka Buildcon Ltd and an investment fund managed by Morgan Stanley India Infrastructure) for acquisition of 100 percent stake in UEPL. The SPA will be subject to customary approvals from Regulatory Authorities, said the company in a statement.
"This acquisition will enable MGL to expand to newer geographical areas in Maharashtra (Ratnagiri, Latur and Osmanabad) and Karnataka (Chitradurga and Davanagere) thereby, providing new avenues for long term growth. The transaction is of strategic importance to MGL and the extended footprint would help the company to scale its future business development activities across a larger network and customer base," the statement added.
HDFC Bank Investment Banking was exclusive Transaction Advisor to MGL. Kotak Investment Banking was exclusive Financial Advisor to Ashoka Buildcon Limited and the investment fund was managed by Morgan Stanley India Infrastructure on this transaction.
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