Mahanagar Gas to invest ₹1,500 crore in battery, biogas projects
battery manufacturing unit
and a
compressed biogas production
facility over the next two years in a bid to diversify operations.
Mahanagar Gas Ltd managing director Ashu Shinghal told ET that, amid the government push towards
cleaner mobility solutions
, the company is looking to expand its footprint in
non-fossil fuel options
and has earmarked capital for a foray into new energy segments.
He said, "At present, almost 70 per cent of our revenues come from CNG. We conducted a study along with BCG. In essence, going forward, we have determined we will be present in at least one non-fossil fuel-related segment to secure growth opportunities in future."
The company has already forged a joint venture with US-based International Battery Company to set up a giga factory in Karnataka.
The government has completed land allocation for the project, construction for which is scheduled to commence later this quarter. MGL and IBC together are investing around ₹900 crore to set up the facility, which is expected to be commissioned by the end of next year.
The investments will be made by IBC and MGL in proportion to their stake in the JV (ratio of 60:40).
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