State-owned refiner Indian Oil Corp (IOC) and gas utility GAIL India Ltd's initial agreement to buy a 50 per cent stake in Adani Group's Rs 5,000-crore Dhamra LNG project in Odisha has expired, Oil Minister Dharmendra Pradhan said Monday.
IOC and GAIL had on September 21, 2016, signed a "non-binding MoU" with Adani Petroleum Terminal Pvt Ltd to take 39 per cent and 11 per cent stake respectively in the planned 5 million tonnes a year liquefied natural gas (LNG) import terminal at Dhamra, he said in a written reply to the Lok Sabha here.
The MoU was "subject to management approvals of IOC and GAIL and successful negotiation of the respective regasification agreements," he said. "The MoU has expired on September 20, 2018."
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