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Mahanagar Gas To Acquire 26% Stake In FPEL Reliant For ₹389 Lakh Solar Project

· Free Press Journal

Mumbai: Mahanagar Gas Limited is stepping further into renewable energy as it plans to source cleaner power for its operations.

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Investment Targets Solar Power

The company has entered into a Share Subscription and Shareholders’ Agreement with FPEL Reliant Energy Private Limited and its holding company, FPEL Saur Vidyut Private Limited. The agreement, executed on March 09, 2026, will see Mahanagar Gas acquire a 26 percent equity stake in FPEL Reliant. The investment involves a cash consideration of up to Rs 389 lakh and will support the development of a solar power plant in the state of Maharashtra intended for consumption at the company’s CNG stations.

Renewable Energy Focus

FPEL Reliant operates in the generation and transmission of solar and other renewable energy sources. By investing in the entity, Mahanagar Gas aims to meet its green energy requirements while also working to optimise operational energy costs. The move also aligns with regulatory requirements governing electricity consumption, particularly under the Electricity Act, 2003, and the Electricity Rules, 2005.

Acquisition Structure Details

The acquisition will be completed through a cash investment and is expected to be finalised within six months from the execution of the agreements. Following completion, FPEL Reliant will become an associate company of Mahanagar Gas. The transaction does not currently qualify as a related party transaction, and the company’s promoter group does not have any existing interest in the target entity before the deal.

Profile of Target Entity

FPEL Reliant Energy Private Limited was incorporated on July 05, 2022, and operates in India’s renewable energy sector. According to details provided in the disclosure, the company reported zero turnover in the financial years 2022-23, 2023-24, and 2024-25.

Its net worth stood at negative Rs 4.73 lakh as of March 31, 2025. Despite the early-stage financial profile, the investment reflects a strategic step toward building renewable energy capacity to support Mahanagar Gas’ operational needs. The investment highlights the company’s effort to integrate renewable energy solutions into its infrastructure while addressing both cost and sustainability goals.

Disclaimer: This article has been generated solely from the information available in the provided regulatory filing and does not include verification or information from external sources.

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