Mahanagar Gas Limited (MGL), one of India’s leading city gas distribution companies, has entered the renewable energy sector by acquiring a 26% stake in FPEL Reliant Energy Private Limited. The company signed a Share Subscription Agreement (SSA) and Shareholding Agreement (SHA) on March 9, 2026, with FPEL Reliant and its parent company, FPEL Saur Vidyut Private Limited, part of Fourth Partner Energy.
The investment, valued at approximately ₹3.89 crore, will support the development of a solar power plant in Maharashtra. The electricity generated from this plant will be used to power MGL’s CNG stations across the state, enabling the company to reduce energy costs and transition towards cleaner energy sources.
This move aligns with regulatory requirements under the Electricity Act, 2003 and related rules. By integrating renewable energy into its operations, MGL aims to strengthen its sustainability agenda while reducing the carbon footprint associated with its business activities.
Speaking on the development, Ashu Shinghal, Managing Director of MGL, stated that the company is actively exploring cleaner and more sustainable energy solutions. He noted that the entry into solar energy represents a significant step towards adopting environmentally friendly practices while ensuring operational efficiency as the company expands its footprint across Maharashtra and beyond.
The acquisition will be completed through a cash investment and is expected to be finalised within six months. Upon completion, FPEL Reliant Energy Private Limited will become an associate company of Mahanagar Gas Limited.
Jay Kumar Waghela, CEO (Distributed Business Unit) at Fourth Partner Energy, said the partnership reflects the growing trend of corporates adopting renewable energy solutions to reduce emissions and promote sustainability. He added that Fourth Partner Energy provides integrated clean energy solutions, including solar, wind, battery storage, hybrid power, and carbon credits, helping companies accelerate their journey towards net-zero goals.
Fourth Partner Energy currently has an operational capacity of over 1.6 GW of clean energy assets and aims to expand its portfolio to 9 GW by FY31. The company is actively developing solar and wind projects across multiple states, including Maharashtra, Gujarat, Karnataka and Tamil Nadu, focusing on delivering clean power to sectors with high carbon emissions.
