Adani and TOTAL have signed agreements to deepen their existing partnership and commitment for developing multi-energy offerings to the Indian energy market.
City Gas Distribution is a natural extension of the plans of both partners to invest in infrastructure and assets worth over US$1 billion, which span Liquefied Natural Gas (LNG) infrastructure and marketing and fuel retail business, announced in October 2018.
TOTAL will purchase 37.4 per cent shares in Adani Gas Limited through a tender offer to public shareholders to acquire up to 25.2 per cent shares subject to applicable regulations and purchase the residual shares from Adani family. Adani Family and TOTAL shareholders shall ultimately hold 37.4 per cent each and public shareholders shall hold remaining 25.2 per cent.
The partnership and equity support from the partners will help Adani Gas Limited accelerate project executions in all its new geographical areas. Adani Gas shall also pursue fuel retail business in India and target to set up 1,500 fuel stations offering top of the line products in the coming years.
The expanded partnership will develop regasification terminals including Dhamra LNG, on the East coast of India; market LNG to the Indian markets and through Adani Gas, target to distribute gas to 7.5 per cent of India’s population.
