Ahmedabad, Oct 14 (UNI) Total SA, a French multinational integrated oil and gas company founded in 1924 and one of the seven Supermajor oil companies in the world, has signed definitive agreements regarding purchase of 37.4 per cent shares in the Adani Gas Ltd.
According to a press statement issued by the Ahmedabad headquartered Adani group here on Monday the agreement was to deepen the existing partnership of Adani and Total 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 last year.
According to the release the transaction details are as follows-
Total will purchase 37.4% shares in Adani Gas Limited through a tender offer to public shareholders to acquire upto 25.2% shares subject to applicable regulations and purchase the residual shares from Adani Family.
Adani Family and TOTAL SA shareholders shall ultimately hold 37.4% each and public shareholders shall hold remaining 25.2%.
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 setup 1,500 fuel stations offering top of the line products in the coming years.
The release also said that Adani, the largest infrastructure conglomerate in India, and TOTAL, the world’s
second largest LNG private player, will serve the fast growing gas demand of the Indian market.
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% of India’s population. This strengthens the partners’ commitment to make big stride towards India’s vision of promotion of natural gas and clean energy mix. Multi-Billion Dollar Commitment to a Pan India Platform integrated Gas utility
Both partners would make significant investments in the next 10 years across the businesses to develop India’s gas infrastructure, distribution, marketing businesses with presence in over 15 states reaching out to approximately 7.5% of India’s population and setting up global scale and world class LNG, gas distribution and fuel retail infrastructure in India
As part of the existing Joint Venture, Adani and Total in the coming years will target to build a fuel retail network of 1,500 retail stations, on the main roads of the country, such as highways and intercity connections.
Adani Gas will also be setting up 1,500 CNG stations for gas distribution over the next 10 years in its and its joint ventures’ geographical areas across 71 districts, 68 towns across 15 states in India. In addition, Adani Gas and its joint venture will distribute gas to 6 million households in the next decade. Adani Gas CNG network will be developed exploring synergies including co-location of fuel retail and CNG outlets.
UNI RAJ JW1853