Indian Oil approves Mundra LNG stake acquisition

Indian Oil approves Mundra LNG stake acquisition
Image courtesy of GSPC

Indian Oil Corporation has confirmed it plans to acquire up to 50 percent equity in the developer of the 5 mtpa Mundra LNG terminal. 

GSPL LNG, a joint venture between the Gujarat State Petroleum Corporation and Adani, is developing the import terminal at Mundra port in Gujarat.

It was recently reported that Indian Oil is only interested in a 25 percent stake in the project, aiming to keep GSPC on board as a state entity to expedite the process of building a pipeline that would connect the nearest gas grid to the terminal.

In its latest filing to the stock exchange, however, IOC has set its sight on a 50 percent stake.

If completed, Indian Oil would hold a 50 percent stake in the project with Adani Enterprises holding a 25 percent stake, with the remaining 25 percent stake to be held by GSPC.

Although the 25 percent stake was to be offered to a strategic partner, local media reported that GSPC will hold on to the 25 percent stake, which could be even bigger, depending on the size of IOC’s acquisition.

 

LNG World News Staff

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