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CCI approves Total Group's 37.4% stake-buy, joint control of Adani Gas

The proposed combination represents an investment opportunity for Total along with its subsidiaries and affiliates given the future of natural gas business in India

Competition Commission of India | Adani Gas | Total SA

Press Trust of India  |  New Delhi 

Photo: Bloomberg
Photo: Bloomberg

The Competition Commission on Thursday said it has given approval to the acquisition of 37.4 per cent shareholding and joint control by Total Group in

The proposed combination represents an investment opportunity for Total along with its subsidiaries and affiliates (Total Group) given the future of natural gas business in India.

"Total Group believes in the initiatives taken by the Government of India to increase the reliance on natural gas instead of petroleum-based products," the (CCI) noted.

It further noted that the deal would contribute towards bridging the energy deficit and augment supply of natural gas in India and further enable Total Group to provide services in a cost-efficient manner and meet the country's long-term need for cleaner energy.

Total Holdings is a 100 per cent subsidiary of Total S.A. The Total Group is engaged in every sector of the oil and gas industry, including upstream and downstream. Besides, it is also involved in the renewable energy and power generation sectors, CCI said.

"Ltd is engaged in the wholesale supply of natural gas and downstream (retail) supply of natural gas through city gas distribution networks to industrial, commercial, domestic and automotive customers in India," it added.

In a separate release, the fair trade regulator announced approving the acquisition of Primetals Technologies by Mitsubishi Heavy Industries (MHI).

Currently, MHI holds 51 per cent shareholding in Primetals Technologies (PT) through its solely controlled subsidiary Mitsubishi-Hitachi Metals Machiner Thee deal involves acquisition of remaining 49 per cent stake from Siemens AG.

"Accordingly, MHI will own 100 per cent of the registered share capital of Primetals Technologies and PT would be solely owned and controlled by MHI (as opposed to the existing joint control exercised by both MHI and Siemens AG)."

Additionally, as per another media release, a deal involving acquisition of 49 per cent of the voting and non-voting equity shares of Future Coupons Pvt Ltd by NV Investment Holdings LLC has also received the regulator's approval.

"The proposed combination consists of certain other constituent steps involving Future Coupons Pvt Ltd, Future Corporate Resources Pvt Ltd, and Future Retail Ltd," it noted.

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First Published: Thu, November 28 2019. 20:20 IST