India-focused private equity fund manager IL&FS Investment Managers has fully exited its stake in Maharashtra Natural Gas (MNGL), an India-based natural gas distributor, via a strategic sale to Indraprastha Gas, an India-based compressed gas distributor. The sale generated a reported cash multiple of 4.1x, including dividends received by the fund, and an INR-denominated gross IRR of 27 percent. IL&FS initially invested US$4 million in the company in 2009 through its Pan Asia Project Development Fund. Financial details of the transaction were not disclosed.