Mahanagar Gas Limited has announced a strategic investment in renewable energy through the acquisition of a 26% equity stake in FPEL Reliant Energy Private Limited. The company entered into a Share Subscription and Shareholders' Agreement on March 09, 2026, marking a significant step towards meeting its green energy objectives and regulatory compliance requirements.

Investment Details and Strategic Rationale

The acquisition involves a cash investment of ₹3.89 crore to secure a 26% equity stake in FPEL Reliant Energy Private Limited. The primary objective is to establish a solar power plant in the State of Maharashtra specifically designed to supply power to Mahanagar Gas's CNG stations. This initiative aligns with the company's strategy to meet green energy needs, optimize energy costs, and comply with regulatory requirements under the Electricity Act, 2003 read with the Electricity Rules, 2005.

Target Company Profile

FPEL Reliant Energy Private Limited operates in the generation and transmission of solar energy and other renewable energy sources. The company was incorporated on July 05, 2022, and is relatively new to the renewable energy sector. Despite being operational for over two years, the company has not generated any revenue in its operational history.

Financial Performance Overview

As of March 31, 2025, FPEL Reliant reported a negative net worth of ₹4.73 lakh, reflecting its early-stage development phase. The company operates exclusively in India and focuses on renewable energy projects.

Regulatory and Compliance Aspects

The transaction does not fall under related party transactions, and Mahanagar Gas's promoter group has no existing interest in FPEL Reliant. However, post-acquisition, FPEL Reliant will become an associate company and consequently a related party. The acquisition requires no governmental or regulatory approvals, streamlining the completion process.

Strategic Impact and Future Outlook

This investment represents Mahanagar Gas's commitment to sustainable energy practices and regulatory compliance. The solar power plant will directly support the company's CNG station operations, potentially reducing operational costs and environmental impact. The acquisition structure involves cash consideration only, with completion expected within six months from the agreement execution date.

The partnership with FPEL Reliant Energy and its holding company FPEL Saur Vidyut Private Limited positions Mahanagar Gas to leverage renewable energy solutions while maintaining operational efficiency across its CNG station network in Maharashtra.

GAIL (India) Limited has announced that Shri Deepak Gupta has assumed charge as Chairman and Managing Director effective March 01, 2026. The appointment was communicated to stock exchanges under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, marking a significant leadership transition for the Maharatna company.

Leadership Appointment Details

The company disclosed the key details of the new leadership appointment:

Professional Background and Expertise

Shri Deepak Gupta brings extensive experience to his new role as Chairman and Managing Director. A Mechanical Engineer from Delhi College of Engineering, he has more than 35 years of deep and diverse experience across the Oil & Gas value chain. His expertise encompasses a comprehensive blend of technical, strategic, and board-level leadership capabilities.

Key Areas of Specialization

The new Chairman's expertise spans multiple critical areas:

• Project & Construction Management
• Contracts & Global Procurement
• Technology Selection and Business Development
• Operations & Maintenance
• Digital transformation initiatives

Current Responsibilities and Achievements

As Director (Projects) since February 2022, Shri Gupta has been leading the execution of multiple high-impact initiatives. His current portfolio includes overseeing Natural Gas & LPG Pipelines, Gas Processing Units, critical SCADA infrastructure, and Green Energy initiatives to achieve Net-Zero goals.

Board Positions and Strategic Leadership

Shri Gupta serves as a Board member across multiple GAIL joint ventures, demonstrating his strategic leadership capabilities:

• Chairman of Maharashtra Natural Gas Limited
• Chairman of Green Gas Limited
• Chairman of Talcher Fertilizers Ltd. (India's maiden Coal Gasification based Fertilizer Complex)
• Director, ONGC Petro-additions Limited (OPaL)
• Director, South-East Asia Gas Pipeline Company Limited (SEAGP)

Previous Career Highlights

Before joining GAIL, Shri Gupta had a distinguished 32-year career at Engineers India Limited, where he led large cross-functional teams to execute landmark projects under complex conditions:

Regulatory Compliance

The company confirmed that Shri Deepak Gupta does not have any relationships with other Directors of the company and is not debarred from holding the office of Director by SEBI, Ministry of Corporate Affairs, or any statutory authority. The disclosure complies with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.