Mahanagar Gas Limited waives off deposit to ease PNG transition for eateries and bakeries

Aligning with the Bombay High Court's directive and Brihanmumbai Municipal Corporation's (BMC) mandate to promote clean fuel, Mahanagar Gas Limited has reviewed and revised its policy to further facilitate eateries and bakeries impacted by the directives in switching to Piped Natural Gas (PNG). Mahanagar Gas Limited has waived off the Security Deposit (towards infrastructure) for such eateries and bakeries in Mumbai.

Mahanagar Gas Limited (MGL) takes a bank guarantee as a limited period refundable security deposit from its industrial & commercial customers towards the cost incurred in laying the last-mile dedicated gas infrastructure for the customer. MGL has now taken a decision to waive this requirement for eateries and bakeries impacted by the directives to support a cleaner environment and help businesses in their transition to cleaner fuel.

MGL has also proactively decided to facilitate interested customers in obtaining statutory approvals wherever required for converting their facilities from polluting fuel to natural gas. MGL will also bear the cost of the downstream pipelines and metering facilities, ensuring that apart from end use/cooking appliances, no other expense is incurred by these establishments.

This initiative reinforces Mahanagar Gas Limited's commitment to sustainability and a cleaner Mumbai.

Shares of Mahanagar Gas Limited was last trading in BSE at Rs. 1233.40 as compared to the previous close of Rs. 1238.10. The total number of shares traded during the day was 15820 in over 2115 trades.

The stock hit an intraday high of Rs. 1266.90 and intraday low of 1215.60. The net turnover during the day was Rs. 19541714.00.

Source : Equity Bulls

Keywords

MahanagarGas INE002S01010 MGL Policy PNG Mumbai