Public sector firms, Indian Oil Corporation (IOC) and GAIL (India) Ltd, will exercise the right to take a 49 per cent stake in Adani Group’s ₹ 5,000 crore Dhamra LNG project in Odisha on Wednesday.
While Indian Oil will take a 38 per cent stake, GAIL will pick up 11 per cent stake in the proposed 5 million tonne per annum liquefied natural gas import terminal in Dharma, being set up by Adani Petroleum Terminal Pvt Ltd (APTPL). APTPL will also hold a 49 per cent stake in the project and remaining 2 per cent will be held by financial institutions.
Indian Oil and GAIL had signed a memorandum of understanding with Dhamra LNG Terminal Private Ltd last year to reserve regassification capacity in the terminal. The MoU also gave the companies to hold equity in Dhamra LNG Terminal Private Ltd.
On Wednesday, a formal agreement signing ceremony will be held where Dharmendra Pradhan, Minister of State (Independent Charge) for Petroleum and Natural Gas will be present.
“IndianOil and GAIL will be signing a Memorandum of Understanding with Adani Petroleum Terminal Private Limited for taking equity in the 5 MMTPA capacity LNG Receiving, Storage and Regasification Terminal being developed through Dhamra LNG Terminal Pvt. Limited at Dhamra Port, Odisha,” Indian Oil said in a press invite for the agreement signing ceremony.