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

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

Workers fix a sign for oil giant Total at a petrol station in Cairo, Egypt, October 13, 2016. REUTERS/Amr Abdallah Dalsh

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.

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