BPCL Approves IPO Of Joint Venture Maharashtra Natural Gas Worth Rs 1,000 Crore
MNGL specialises in the distribution of compressed natural gas and piped natural gas across several regions in Maharashtra, including Pune, Pimpri-Chinchwad, and surrounding districts.

Bharat Petroleum Corp. has granted in-principle approval for an initial public offering of Maharashtra Natural Gas Ltd., a joint venture with GAIL and Indraprastha Gas Ltd. The proposed IPO is expected to raise approximately Rs 1,000 crore, as per BPCL's regulatory filing.
Currently, IGL holds a 50% stake in MNGL, while BPCL and GAIL each own 22.5%. The Maharashtra Industrial Development Corporation holds the remaining 5% stake in the company. MNGL specialises in the distribution of compressed natural gas and piped natural gas across several regions in Maharashtra, including Pune, Pimpri-Chinchwad, and surrounding districts such as Nashik, Sindhudurg, Ratnagiri, and Satara.
In fiscal 2024, MNGL achieved its highest-ever total revenues reaching Rs 3,001.88 crore. The company reported a 41% growth in Ebitda, which stood at Rs 961.53 crore, thanks to its optimised gas sourcing and operational efficiencies, as per a press release.
Its net profit surged by 45%, totaling Rs 610.12 crore, contributing to a profit after tax margin of 20%. The company also posted an earnings per share value of Rs 61.01 and a return on equity of 33%.
Chairman Anilkumar P highlighted that the company's financial performance reflects the strength of its business model, driven by operational excellence and strong market presence, in a media release. He underscored MNGL's commitment to delivering clean, green fuel alternatives to conventional auto fuels like petrol and diesel, alongside providing safe, reliable piped natural gas for domestic, commercial, and industrial consumers.
As part of its growth strategy, MNGL is actively exploring new opportunities within the Compressed Bio-Gas sector, aligning with the Government of India's 'GOBARdhan' initiative, added the chairman. The company has already begun purchasing and selling CBG in its Pune geographical area and is evaluating the potential of injecting CBG directly into its City Gas Distribution networks.