IGL gains on inking JV with CEID to set up bio-gas plants

Indraprastha Gas (IGL) rose 1.21% to Rs 197.25 after the company said that it has signed a joint venture (JV) agreement with CEID Consultants & Engineering (CEID) to develop compressed bio-gas (CBG) & biofuel projects.

The JV will have equity participation of 50:50 between IGL and CEID, with the board of directors initially comprising four directors, two nominated by each partner.

The agreement provides both parties with strategic management rights, including board representation and joint decision-making on key matters such as share subscriptions and capital structure.

The transaction does not fall under related-party transactions, and CEID is not related to IGLs promoters or promoter group. The company has confirmed that no conflict of interest arises from the arrangement.

IGL also stated that in case of any termination or amendment of the JV agreement, it will disclose details to stock exchanges, including the names of the parties involved, nature and date of the agreement, and the impact or reasons for such changes.

The collaboration is aimed at boosting renewable energy and sustainable fuel initiatives in India, supporting the companys strategic focus on clean energy and environmental sustainability.

Indraprastha Gas is in the business of city gas distribution presently operating in the National Capital Territory of Delhi.

The companys consolidated net profit fell 15.1% to Rs 386.29 crore in Q2 FY26, even as revenue from operations rose 8.8% to Rs 4,023.40 crore compared with Q2 FY25.

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