Total India head on Adani Gas board
The appointment follows Total buying a 37.4 per cent stake in Adani Gas Ltd - the firm that retails gas to automobiles and households for an estimated Rs 5,700 crore.
"The Board of Directors of the company have, by way of circular resolution passed on January 14, 2020, appointed Alexis Thelemaque as an Additional Director (Non-Executive, Non-Independent)," Adani Gas said in a regulatory filing.Thelemaque, who joined Total Group in France in 1993, is Chairman and Managing Director of Total Oil India Pvt Ltd. Advertisement
Total, which in August 2018 exited a JV with Royal Dutch Shell in a 5 million tonne liquefied natural gas (LNG) import terminal at Hazira in Gujarat, had in October last year announced the acquisition of the stake in Adani Gas.
This followed by a 50:50 joint venture the two had agreed upon in October 2018 for two LNG import terminals of Adani on the east and west coast of India as well as for setting up of 1,500 petrol pumps in the country over 10 years.The French firm is the latest energy major seeking to expand its presence in India, which is the world's third-largest and the fastest-growing energy consumer. In August 2019, Reliance Industries said Saudi Arabian Oil Co will buy 20 per cent of its oil-to-chemical business at an enterprise value of USD 75 billion.
As part of the deal, Total will first make an open offer to buy a 25.2 per cent stake in Adani Gas. Depending upon the success in the open offer, it will buy a stake from Adani to take its holding to 37.4 per cent in the company.Adani family holds a 74.8 per cent stake in Adani Gas and will dilute shares to the public to bring down its holding to 37.4 per cent - at par with Total. Adani family will sell some stake in the open market to meet the listing norm of keeping public holding at 25 per cent. Advertisement
Adani Total joint venture (JV), where the two groups hold 50 per cent stake each, is building a 5 million tonne LNG import terminal at Dhamra in Odisha and will potentially hold a 25 to 50 per cent interest in Gujarat government's Mundra import facility.
This JV would also supply 3 million tonnes per annum of LNG to India and Bangladesh.Adani Gas, wherein Total and Adani would hold 37.4 per cent stake each, is targeting to set up 1,500 CNG stations to retail gas to automobiles and piped cooking gas to 6 million households. It will also set up 1,500 petrol pumps over 10 years. Advertisement
As part of this partnership, Total will bring its LNG and retail expertise and will supply LNG to Adani Gas. Total and Adani will also establish a joint venture to market LNG in India and Bangladesh. ANZ BAL
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
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