Money News

France’s Total close to buying 30% in Adani Gas for more than $800 million - TOI

FILE PHOTO: A logo is pictured at French oil and gas company Total gas station in Marseille, February 11, 2015. REUTERS/Jean-Paul Pelissier/File photo

(Reuters) - 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.

Reporting by Ankit Ajmera in Bengaluru; editing by Richard Pullin