Total-Adani Gas Deal Gets Regulatory Okay
The Competition Commission of India (CCI) November 28 approved the acquisition of 37.4% shareholding and joint control by French Total in Adani Gas.
CCI said it has approved the deal under Section 31(1) of the Competition Act, 2002. The deal was announced mid-October. After the transaction, Adani Group and Total will each own 37.4% of Adani Gas while the rest will be owned by the public.
Adani Group holds 74.8% stake in Adani Gas of which Total will acquire 37.4%. To reach a 37.4% shareholding in Adani Gas as per Indian stock market regulation, Total will initially launch a tender offer to public shareholders to acquire up to 25.2% stake and then will buy the remaining shares from Adani Group.
Adani Gas is one of India’s leading city gas distribution companies and is engaged in the wholesale and retail supply of natural gas to industrial, commercial, domestic and automotive customers in the country.