Total SA has agreed to acquire a 37.4 percent stake in Adani Gas, extending their partnership in the Indian energy market. The French energy giant will buy 25.2 percent stake from shareholders via an open offer and the remaining shares from Adani Family, the two companies said in a news release.

Total has launched an open offer to buy up to 25.2 percent, or 27,71,46,602 shares of Adani Gas from public shareholders at a price of Rs 149.63 per share for an aggregate price of Rs 4,147 crore, according to a regulatory filing.

Adani Family and Total shareholders will ultimately hold 37.4 percent each and

public shareholders will hold remaining 25.2 percent, noted the news release.

As part of the deal, Total and Adani will also establish a joint venture to market LNG in India and Bangladesh. The JV will develop regasification terminals including Dhamra LNG.

As part of the existing JV, Adani and Total 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.

First Published:Oct 14, 2019 8:59 AM IST