Mahanagar Gas Ltd (MGL) has announced a substantial investment of Rs 1,325 crore, alongside its partners, to establish an electric vehicle (EV) battery manufacturing unit and a compressed biogas (CBG) production facility over the next two years. 

This ambitious move signals MGL's intent to diversify its revenue streams beyond its traditional compressed natural gas (CNG) business, which currently accounts for roughly 70% of its income.

The company's managing director, Ashu Shinghal, emphasized that this diversification aligns with the Indian government's strong push for sustainable mobility and energy solutions. 

"At present, almost 70% 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," Shinghal stated, highlighting MGL's proactive approach to securing its long-term growth in a rapidly evolving energy landscape.

A major portion of this investment, approximately Rs 825 crore, will be channeled into setting up a state-of-the-art EV battery manufacturing "gigafactory".