Most of these CNG stations are owned by MGL. Also, they have exclusivity to 3 GAs (Mumbai, Thane, Raigad). So, no one else can sell in these GAs. I think exclusivity for Mumbai is about to expire, if not already expired. But they have already set up huge infrastructure so they have a big first-movers advantage. Also, these assets have been depreciated. New comer will have to set up all assets from scratch so there is depreciation impact. Also, there is impact of interest cost (as they will borrow). Another impact will be land cost. Mumbai land is very expensive.
All in all, it will be tough for someone else to setup CNG stations in Mumbai. Do not forget they have PNG business too.
However, business has limitations. Remember only 3 GAs. 4th one if you consider acquisition from Ashoka buildcon.
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