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Adani Gas Co. To Buy 20% Share In Green Gas

Adani Gas, a unit of Adani Enterprise, will pick up 20% share in the Green Gas Limited, joint venture between state-run gas utility gail India and Indian Oil Corporation. Green Gas is supplying Compressed Natural Gas (CNG) in the cities like Agra, Lucknow.

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Adani Gas Company

GAIL India and IOC hold 22.5% each in the company, whereas Uttar Pradesh State Industrial Development Corp holds 5% stake in the market. In Green Gas, Aditya Vikram Birla Group and financial institutes like IDFC and Unit Trust of India (UTI) altogether holds 50% share.

Rajiv Sharma, Chief Executive Officer of Adani Gas said that, “We have already signed Memorandum of Understanding with Green Gas for hold 20% stake in the market. We are about to increase about assets.” Still the deal value has not been mentioned.

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