Total Picks Up 50% Stake in Adani's India Terminal: Press
French major Total has bought a 50% stake in Dhamra LNG Terminal, a unit of Adani Ports and Special Economic Zone (Apsez), a part of Adani group, which is building an LNG import terminal at Dhamra in the eastern Indian state of Odisha, Businessline reported July 24.
Last October, Total and Indian private conglomerate Adani Group announced they will jointly develop LNG terminals and fuel retail outlets in India. The two firms set a target of developing various regasification terminals, including the proposed Dhamra LNG terminal on the east coast of India. However, the joint statement did not say anything about how large a stake Total will buy in Dhamra terminal.
The 5mn metric tons/year Dhamra terminal is expected to come online in 2021 at a cost of Indian rupees 52bn ($720mn).
Recently, Times of India reported that Total is close to buying 30% stake in Adani Gas, another Adani group entity that operates city gas projects in various Indian cities.