Indraprastha Gas Ltd (IGL) on Friday, December 19, said it has entered into a joint venture agreement with Hindustan Waste Treatment Private Ltd (HWT) to set up compressed biogas (CBG) plants and biofuel projects.
Under the agreement, the proposed joint venture will have equal equity participation, with IGL and HWT each holding a 50% stake, the company said.
The board of the JV will initially comprise four directors, with two nominees from each partner, as per the exchange filing.
The partnership aims to expand IGL’s presence in the renewable energy and clean fuel space, in line with the company’s strategy to diversify its energy portfolio.
IGL Q2 results
Separately, I.G.L. reported a 4.5% quarter-on-quarter increase in net profit to ₹372 crore for the second quarter, compared with ₹356 crore in the previous quarter. Revenue rose 2.8% to ₹4,022 crore from ₹3,913 crore, supported by steady demand.
However, operational performance was impacted by higher input costs. EBITDA declined 13.6% to ₹442 crore from ₹511.7 crore in the previous quarter, while the EBITDA margin narrowed to 11% from 13.1% in Q1.
Shares of Indraprastha Gas Ltd ended lower on Friday, December 19, by 1.03% at ₹194.01 on the NSE.
Also Read: Waaree Energies’ US arm signs $30-million deal to acquire United Solar shares
