Whether Laxmi Mittal, steel king, will take over Asian Development Bank's equity shares of Petronet LNG ?

The Asian Development Bank has asked four state-owned oil companies, who own half of Petronet LNG, whether they are in a position to pick up its 5.2% stake in the firm which it wants to sell. Petronet is a privately-registered listed company that runs India's biggest facility to import gas in ships as LNG (liquefied natural gas) in Gujarat. The ADB had sometime back denied reports (not in TOI) that it wants to sell the stake. But on April 4, the institution has informed gas transmission utility GAIL, refiner-marketers IndianOil Corporation and Bharat Petroleum besides explorer ONGC that it wants to exit Petronet. Each of the four state-run firms holds 12.5% in Petronet aggregating 50%. Gaz De France holds 10% equity, while 34.8% is with the public.

2 months ago - 1 answers