Mahanagar Gas looking at growth opportunities in EV value chain
While Mahanagar Gas (MGL) has been primarily focused on the city gas distribution sector, the company is looking for ways to grow and diversify its offerings.
While Mahanagar Gas (MGL) has been primarily focused on the city gas distribution sector, the company is always looking for ways to grow and diversify its offerings. In an interview with CNBC-TV18, Ashu Singhal, CMD of Mahanagar Gas, said that the company is exploring new opportunities for expansion, particularly in other segments like the electric vehicle value chain.
By branching out into other sectors like electric vehicles (EV), MGL can tap into new markets and leverage its existing infrastructure and expertise.
The EV value chain encompasses everything from upstream to downstream, raw materials to dealerships, charging stations, EV component recycling, and more.
Also Read | India's electric vehicle industry faces challenges of increased reliance on China for raw materials
“The areas we are exploring are some minor equity in the EV value chain or some manufacturing or compressed bio-gas (CBG) or ethanol or other areas like long-term LNG haulage. So, the slate is open, like whatever the company can do with the limited resources we have and also it should have some synchronisation with what we are already doing,” Singhal said.
Singhal also highlighted that MGL has passed on the benefit of gas price cuts to its customers. Across the city gas distribution sector, prices have been cut by Rs 5-8 per kg, providing much-needed relief to consumers who have been struggling with rising energy costs.
The Indian government has accepted suggestions of the Kirit Parikh Panel on gas pricing and therefore, decided to reduce prices of compressed natural gas (CNG) and piped natural gas (PNG) across the country.
Also Read | As India accepts Kirit Parikh Panel’s suggestions, the author explains his CNG, PNG pricing rationale
MGL's decision to explore new opportunities in the EV value chain and pass on gas price cuts to customers demonstrates a commitment to these values. By investing in sustainable energy solutions and prioritizing the needs of its customers, MGL is setting itself up for long-term success and growth.
This move by MGL is not only commendable from a customer-centric standpoint but also serves as an example for other companies in the energy sector. As the world continues to grapple with the effects of climate change, it is crucial for companies to prioritise sustainability and affordability.
Also Read | Government defends gas price cap; says city gas distributors need to share their 'super-high profits'
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