French multinational integrated oil and gas company Total S A has partnered with Gautam Adani-led Adani Group to supply and market natural gas in India, Total said in a statement. The net acquisition cost of the deal stands at around $600 million for Total over 2019-20 and the two partners will invest in $1 billion in creating gas infrastructure.
Shares of Adani Gas has rallied 15 per cent to Rs 164, also its record high on the BSE, after the company posted strong results for March quarter (Q4FY19).
Adani Gas, the city gas distribution arm of Adani Group has posted an increase of 76% in its net profit for the quarter ended 31 March, 2019. Net profit came in at ₹75.68 crore against ₹42.82 crore during the corresponding previous quarter.
The tide and ebb in fortunes of Adani Gas Limited (AGL) in Rajasthan seems to be in sync with change of power in the state. The going got smooth when BJP was in power, and hurdles cropped up when Congress held the reins.
Oil regulator PNGRB has rejected Adani Gas Ltd’s application for authorisation to retail CNG to automobiles and piped natural gas to households in Jaipur and Udaipur, saying the company was not in compliance with regulations for a licence.
As much as Rs 1.2 lakh crore of investment has been committed by firms like IOC, Adani Gas and Torrent in a massive rollout of CNG stations and cooking gas connections to households over the next 8-10 years, oil regulator PNGRB
India is expected to complete its second-largest auction to distribute piped natural gas in urban areas by February-end as the world’s third-biggest oil importer looks to reduce dependence on dirtier fuels to curb emissions and switch to cleaner alternatives.
India’s largest private fuel retail company Nayara Energy Ltd (NEL) is in talks with city gas distributions majors like Adani Gas, Indraprastha Gas and Mahanagar Gas to offer sales of compressed natural gas at their outlets.
As many as 225 bids by companies such as Adani Gas, Indian Oil Corp (IOC), Torrent and GAIL Gas were received Tuesday at the close of bidding for city gas licences for 50 cities, official sources said.
Announces Resignation Of Naresh Poddar As Chief Financial Officer