French oil and gas major Total SA has acquired a 37.4% stake in Adani Gas Ltd, promoted by the Adani Group, for Rs 5,662 crore, the company said in a statement on Monday.
India, the acquisition is the largest foreign direct investment in India’s city gas distribution sector, with the deal giving Total joint control of Adani Gas.
The Adani family and Total SA shareholders will eventually hold 37.4 per cent stake each and public shareholders will hold the remaining 25.2 per cent. On BSE, shares of Adani Gas traded at Rs 154.40 up 12.2 per cent previously closed. At present, share prices, the deal works out over Rs 5000 crore.
The expanded partnership will develop regasification terminals, including Dhamra LNG, on the east coast of India, market liquefied natural gas (LNG) domestically, and through Adani Gas target to distribute gas to 7.5per cent of India’s population. This strengthens the partners’ commitment to making big stride towards India’s vision of promotion of natural gas and clean energy.
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