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France's Total Close To Buying 30% In Adani Gas For Rs 5,500 Crore

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

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 ($800 million), the Times of India reported on Friday.

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.

Source : Business Standard

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