Shares of Adani Gas on Monday zoomed over 18% after French energy giant Total announced acquisition of 37.4% stake in the Gautam Adani-led firm. The scrip jumped 17.98% to Rs 162.40 on the BSE. At the NSE, it advanced 18.41% to Rs 163. The gas marketing and distribution company, however, did not reveal the value of the deal.
The announcement comes a year after the two firms announced a 50:50 joint venture to import and retail natural gas.
"The partnership between Adani (50 per cent) and Total (50%) includes several assets across the gas value chain notably two imports and regasification LNG terminals: Dhamra in East India and potentially Mundra in the west, as well as Adani Gas, one of the four main distributors of city gas in India of which Adani holds 74.8% and of which Total will acquire 37.4 percent," the French firm said in a statement on Monday.
.@Total expands its partnership with @AdaniOnline to supply and market natural gas in #India 🇮🇳— Total (@Total) October 14, 2019
The Group will bring its #LNG and retail expertise to help Adani grow its distribution of gas, targeting:
➡ 6 million homes 🏠
➡ 1,500 retail outlets of natural gas for vehicles 🚗 pic.twitter.com/brgCrZ16Yp