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.

'MGL's extended footprint would help it to scale its business development activities'

"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.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)