Total to buy 37.4% stake in Adani Gas

October 14, 2019 10:35

French energy giant Total on Monday announced acquisition of 37.4 per cent stake in Gautam Adani-led Adani Gas.

The gas marketing and distribution company, however, did not reveal the value of the deal.

The announcement comes a year after the two firms announced a 50:50 joint venture to import and retail natural gas.

"The partnership between Adani (50 per cent) and Total (50 per cent) includes several assets across the gas value chain notably two imports and regasification LNG terminals: Dhamra in East India and potentially Mundra in the west, as well as Adani Gas, one of the four main distributors of city gas in India of which Adani holds 74.8 per cent and of which Total will acquire 37.4 per cent," the French firm said in a statement.

To reach a 37.4 per cent shareholding in Adani Gas, Total will initially launch a tender offer to public shareholders to acquire up to 25.2 per cent of equity shares before buying the remaining shares from Adani, it said.

Total, the world's second-largest liquefied natural gas player, said it is expanding its partnership with the Adani Group -- the largest energy and infrastructure conglomerate in India, to contribute to the development of the Indian natural gas market.

The Indian natural gas market represents a substantial growth perspective.

It is currently only 7 per cent of the energy consumption, but has grown over the last three years by more than 5 per cent per annum, supported by an active policy of the Indian government that aims to diversify its energy mix and develop domestic use of gas in cities and as fuel for vehicles.

India has set the ambitious target of increasing the share of natural gas in its energy mix to 15 per cent by 2030. -- PTI

Image: Total chairman and CEO Patrick Pouyanne with Gautam Adani. Photograph: Courtesy, Gautam Adani on Twitter

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