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Total inks definitive agreement for 37.4 percent stake in Adani Gas

Tuesday, 15 Oct 2019
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French oil company Total has inked a definitive agreement to acquire 37.4 percent stake in Adani Gas for about Rs 5,700 crore. Total will purchase the shares in Adani Gas through a tender offer to public shareholders to acquire up to 25.2 percent shares and purchase the residual shares from the Adani promoter family.

The tie-up will focus on exploring new models of delivering cost-effective natural gas in India where it is most needed to complement traditional pipelines. Adani Family and Total shareholders will ultimately hold 37.4 percent each and public shareholders will hold the remaining 25.2 percent. It will take at least six months for the deal to materialise.

In terms of the company’s liquefied natural gas (LNG) business, the company has a cash flow of USD two billion and intends to increase to USD six billion by 2025 and Indian market will contribute to this goal.

City Gas Distribution (CGD) is a natural extension of the plans of both partners to invest in infrastructure and assets worth over USD one billion, announced in 2018, which span LNG infrastructure and marketing and fuel retail business.

Adani Gas is also planning to set up 1,500 fuel stations offering top-of- the-line products in coming years. The expanded partnership will develop regasification terminals, including Dhamra LNG, on the east coast of India; market LNG to Indian markets and through Adani Gas, target to distribute gas to 7.5 percent of India’s population.

Both partners will make significant investments in the next 10 years to develop India’s gas infrastructure, distribution, marketing businesses with a presence in over 15 states. Adani Gas and its joint venture (JV) will distribute gas to six million households in the next decade.

Adani Gas CNG network will be developed exploring synergies, including co-location of fuel retail and CNG outlets. The tie-ups also include two regasification LNG terminals -- Dhamra in the east and potentially Mundra in the west.

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