CCI approves Total’s acquisition of 37.40% stake in Adani Gas
29 Nov 2019
The Competition Commission of India (CCI) has approved the acquisition of 37.40 percent of the paid-up share capital and joint control of Adani Gas Limited (AGL) by Total Holdings SAS.
Total Holdings, a 100 per cent subsidiary of Total SA, is the ultimate parent company of the Total group entities worldwide. Total, together with its subsidiaries, is an international integrated energy producer.
The Total Group is engaged in oil and gas industry, including upstream operations in hydrocarbon exploration, development and production, and downstream operations in refining, petrochemicals, specialty chemicals, trading and shipping of crude oil and petroleum products and marketing.
In India, through its subsidiaries, joint ventures and minority interests, Total exports natural gas at wholesale level to Indian coasts where the respective customers purchase and import its natural gas into India.
AGL is engaged in the wholesale supply of natural gas and downstream (retail) supply of natural gas through city gas distribution (CGD) networks to industrial, commercial, domestic and automotive customers in India (including supplies to oil marketing companies).
CCI approved the proposed combination under Section 31(1) of the Act. The commission said it would issue a detailed order soon.