Adani Gas shares soar after French energy major Total acquired stake in firm

The scrip jumped 17.98 per cent to Rs 162.40 on the BSE. At the NSE, it advanced 18.41 per cent to Rs 163.

Published: 14th October 2019 12:53 PM  |   Last Updated: 14th October 2019 12:53 PM   |  A+A-

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For representational purposes. (Photo | PTI)


NEW DELHI: Shares of Adani Gas on Monday zoomed over 18 per cent after French energy giant Total announced acquisition of 37.4 per cent stake in the Gautam Adani-led firm.

The scrip jumped 17.98 per cent to Rs 162.40 on the BSE. At the NSE, it advanced 18.41 per cent 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 per cent) 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 per cent and of which Total will acquire 37.4 per cent," the French firm said in a statement on Monday.


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