Home > Business > Business Headline > Report

Mahanagar Gas IPO off for now

BS Corporate Bureau in New Delhi | August 09, 2003 11:03 IST

British Gas India on Friday said the proposed initial public offer of Mahanagar Gas Ltd has been put off until 2005 since the Mumbai gas distribution firm was yet to consolidate its business.
 
BG and Gail India own 49.7 per cent of the company, while the Maharashtra government holds the remaining.
 
"Mahanagar Gas will require another two years to expand and consolidate its business before launching an IPO," Nigel Shaw, chief executive officer of BG India, told reporters in New Delhi.
 
Shaw said Mahanagar Gas, which sells 40 per cent of its total one million standard cubic metres per day of gas as CNG for consumption by automobile users in Mumbai, is planning to expand into Navi Mumbai and Pune.
 
It is also planning to tap more of the huge industrial market in the state. Its current sales comprises 50 per cent to industrial users, and the balance 10 per cent is sold to domestic users.

Mahanagar Gas is also planning to lay 150 kilometres of steel and 3,000 kilometres of polyethylene pipe to connect domestic, commercial and industrial premises, he added.


Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


Gail eyes Egypt-oil-block stake

IGL plans IPO, listing by Oct

Natural gas: GoM-meet on July 23



People Who Read This Also Read


Govt set to cut tax refund rate

Dial U for uniformity

Cola firms seek experts' report





Powered by







Copyright © 2003 rediff.com India Limited. All Rights Reserved.