Adani Gas share price climbs 10% on CCI nod for Total's stake buy in co
The Total Group is engaged in every sector of the oil and gas industry, including upstream and downstream.
November 29, 2019 / 11:00 AM IST
Shares of Adani Gas gained for the third consecutive day on November 29, rising 10 percent intraday following CCI's approval for acquisition of stake in the company by Total Group.
The counter has gained 66 percent in the last one year. It was quoting at Rs 163.30, up Rs 13.80, or 9.23 percent on the BSE at 1033 hours IST.
The Competition Commission of India (CCI) on November 28 granted approval to the acquisition of 37.4 percent shareholding and joint control by Total Group in Adani Gas.
CCI noted that the deal would contribute towards bridging the energy deficit, augment supply of natural gas in India, enable Total Group to provide services in a cost-efficient manner and meet the country's long-term need for cleaner energy.
Total Holdings is a 100 percent subsidiary of Total SA. The Total Group is engaged in every sector of the oil and gas industry, including upstream and downstream. It is also involved in the renewable energy and power generation sectors, CCI said.
"Adani Gas is engaged in the wholesale supply of natural gas and downstream (retail) supply of natural gas through city gas distribution networks to industrial, commercial, domestic and automotive customers in India," it added.(With inputs from PTI)