Sunday, December 22

Energy Giant Total Acquires Stake in Adani Group

France-based energy giant Total is eyeing to acquire half of the stake of Adani Group in LNG projects in Gujarat and Odisha. Along with this, the company will also purchase stake in an under-construction LPG import facility and in its city gas projects.

Total seems to be showing interest on investing in fast growing gas market in India and finds Adani as a suitable vehicle since it owns crucial downstream infrastructure.

The company is in talks to acquire 50 percent stake in the under-construction LPG import terminal that Adani is building at Mundra in Gujarat as well as a stake in Adani’s flourishing city gas distribution projects.

India is looking forward to increasing the share of natural gas in its energy basket to 15 percent in the next few years. Along with this, the country is aiming to give a major push to city gas distribution projects. According to the sources, Total is looking at buying half of Adani’s stake all the CGD networks.

The development has come few weeks after Total announced its exit from Royal Dutch Shell-operated Hazira LNG terminal in Gujarat and sold its 26 percent stake in the project to Shell.