Megha Engineering puts up its city gas distribution subsidiary for sale

27 May 2024 , 12:34 PM

According to news reports, Hyderabad-based Megha Engineering and Infrastructures (MEIL) has placed its city gas distribution subsidiary up for sale. A wholly-owned subsidiary called Megha City Gas Distribution (MCGDPL) has made the decision to combine its activities and has contacted a number of state-run companies, including Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Indraprastha Gas.

“The businesses are analysing the idea and looking over the data. As of yet, no decision has been made,” a news report stated. According to a report citing an industry executive whose company conducted an asset evaluation of Megha City Gas, not much work had been done locally. He estimated the valuation between ₹1,000 and 2,000 Crore.

MEIL is a $5 billion infrastructure business that operates in the transportation, manufacturing, energy, hydrocarbons, electric buses, and defence industries. In 2015, it made the move into city gas distribution under the Megha Gas brand, and it remained in business as MEIL until FY22.

MEIL gave the company over to MCGDPL in September 2022. MCGDPL is licenced to establish city gas distribution networks in 62 districts across ten states.

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