Shares of Indraprastha Gas Ltd gained 2% on 26 November after the company announced signing a JV with CEID Consultants and Engineering. 

In its regulatory filing, the company said it has signed a joint venture (JV) agreement with CEID Consultants & Engineering Private Ltd to develop compressed biofuel and compressed biogas (CBG) projects.

The stock share in the new firm will be split equally, with each partner owning 50%.

According to the filing, the JV’s board will initially consist of four directors, two chosen by IGL and two by CEID, and will focus on developing and operating biofuel assets as India expands its clean-energy infrastructure. The arrangement does not constitute a related-party transaction and confers no unique rights other than equal shareholding.

The move is consistent with IGL’s broader diversification strategy. In Q2, the city gas distributor recorded a 4.5% sequential gain in net profit to Rs 372 crore, underpinned by constant demand, but lower operational profit due to higher input prices. Quarterly revenue increased by 2.8% to Rs 4,022 crore, while EBITDA decreased to Rs 442 crore and margins fell to 11%.

At 12:16 pm, the shares of Indraprastha Gas were trading 1.42% higher at Rs 197.61 on NSE.

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