Friday, March 7, 2008

GAIL eyes ADBs 5.2% stake in Petronet LNG

GAIL India is looking for acquiring Asian Development Bank`s 5.2% stake in India`s biggest liquefied natural gas importer Petronet LNG.

ADB is likely to offloads its stake in Petronet by the 2008 end.

GAIL, Oil and Natural Gas Corp, Indian Oil and Bharat Petroleum, which hold 12.5% stake each in Petronet, have the first right of refusal in case ADB was to offload its shareholding in the company.

In case other promoters are not interested in selling the stake, State gas firm would be ready to look for the other options of buying the entire 5.2% of equity.

Shares of GAIL gained Rs 4.8, or 1.21%, to end at Rs 403.1. The total volume of shares traded was 124,777 at the BSE.

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