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France’s Total Close to Buying 30% Stake in Adani Gas for More than Rs 5,500 Crores : Report

The Total SA- Adani Gas deal is expected to trigger an open offer to public shareholders of Adani Gas, and Total may end up having an equal stake in the company as billionaire Gautam Adani.

Reuters

Updated:June 14, 2019, 9:05 AM IST
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France’s Total Close to Buying 30% Stake in Adani Gas for More than Rs 5,500 Crores : Report
A logo is seen over prices at French oil and gas company Total gas station in Marseille. REUTERS/Jean-Paul Pelissier

French energy giant Total SA is close to acquiring a 30% stake in Indian gas distribution company Adani Gas for upwards of rupees 5,500 crore, as per a report.

The deal is expected to trigger an open offer to public shareholders of Adani Gas, and Total may end up having a roughly equal stake in the company as billionaire promoter Gautam Adani, the report said.

Adani Gas, an arm of Adani Group, operates a distribution pipeline network of over 6,000 km and caters to nearly 350,000 retail customers, the report said.

Total and Adani Gas were not immediately available for comment.

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