IDFC Alternatives Exiting Maharashtra Natural Gas (Asia)

Source: VCCircle  |  Author(s): Anuradha Verma

IDFC Alternatives, the alternative asset management vertical at infrastructure financing company IDFC, is exiting its five-year old investment in India-based natural gas distributor Maharashtra Natural Gas (MNGL) to India-based compressed natural gas supplier Indraprastha Gas (IGL). IGL will acquire up to a 50 percent stake in MNGL for INR1.9 billion (approximately US$31 million). Existing investor private equity firm IL&FS Investment Managers may also exit through this transaction. IDFC and IL&FS each hold a 20 percent stake in MNGL.