Ashoka Buildcon Completes Sale of Stake in UEPL to Mahanagar Gas

Ashoka Buildcon informs that after the Share Purchase Agreement signed by Mahanagar Gas Limited with Unison Enviro Private Limited (UEPL) and its Shareholders, Ashoka Buildcon Limited (ABL) and an investment fund managed by Morgan Stanley India Infrastructure (MSII) for acquisition of 100% stake of ABL and MSII in UEPL, the transaction process has been completed. The deal was closed at a final equity consideration amount of Rs.286.67 Crores for 51% stake of ABL.

Ashish Kataria, Director of Ashoka Buildcon Limited and Ex-Chairman of Unison Enviro Private Limited said, “The transaction showcases ABL’s ability to identify, implement and successfully divest in new and promising sectors. We have reiterated our commitment to give our investors a good return and help the country transition to cleaner energy. We thank our investor Morgan Stanley India Infrastructure for their contribution in making UEPL a successful venture”.

Ashoka Buildcon Limited had started UEPL in the year 2015 with a focus to participate in government’s efforts of providing cleaner energy to the citizens. The company bagged City Gas Distribution licenses in the G.A.s of Ratnagiri, Latur, Osmanabad, Davangere and Chitradurga Districts. Continuing its tradition of delivering excellence, team Ashoka was able to establish City Gas Distribution network in an impressive time frame. The company introduced new technologies and initiatives that are proving to be game changers in the industry.

With Mahanagar Gas Limited acquiring a hundred per cent stake in UEPL, the Team Ashoka is delighted to have delivered value to all its stakeholders.

Kotak Mahindra Capital Company was the exclusive financial advisor to Ashoka Buildcon Limited and the investment fund managed by Morgan Stanley India Infrastructure while Cyril Amarchand Mangaldas was the legal advisor for the transaction.