Total SA to buy 37.4% stake in Adani Gas for nearly Rs 5,700 crore

The deal will be the largest foreign direct investment in India's city gas distribution

In a sign of rising global interest in India’s oil and gas sector, French oil major Total has signed a definitive agreement to acquire 37.4 per cent stake in Gautam Adani-led Adani Gas for about Rs 5,700 crore.

Total will purchase the shares in Adani Gas through a tender offer to public shareholders to acquire up to 25.2 per cent shares and purchase the residual shares from the Adani promoter family.

This comes on a day when another major ExxonMobil signed a memorandum of understanding (MoU) with Indian Oil Corporation to expand Liquefied Natural Gas (LNG) business in India. This