France’s Total SA close to acquiring 30% in Adani Gas a deal of $800 million
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 crores ($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 SA 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. It caters to nearly 350,000 retail customers.
Total and Adani Gas were not immediately available for comment.