BW Communities

Adani Unit To Buy 20% In Gas Supply Co

BW Online Bureau Nov 08, 2014

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[Adani Gas, a unit of Adani Enterprises, will pick up 20 per cent equity in Green Gas Ltd, a joint venture between state-run gas utility GAIL India and Indian Oil Corp (IOC), the Business Standard reported on Friday. Green Gas supplies city gas and compressed natural gas in Agra and Lucknow cities in Uttar Pradesh, the report said. Gail and IOC hold 22.5 per cent each in the company, while Uttar Pradesh State Industrial Development Corp holds five per cent, it said. Aditya Vikram Birla Group and financial institutions IDFC and Unit Trust of India together hold 50 per cent stake in Green Gas, it said. "We have signed a memorandum of understanding with Green Gas to pick up 20 per cent equity in the company. We will merge our assets with Green Gas," the report quoted Rajeev Sharma, chief executive officer, Adani Gas, as saying. "...since both of us were in the same city, we decided to work together so that there is no hassle. Also, now, wherever we go we will go together." The report did not mention the deal value. (Reuters)