French energy giant Total SA on Tuesday said it is in discussions with multiple Indian companies to acquire a stake in LNG import terminals and city gas distribution projects and is also interested in setting up petrol pumps in the world’s fastest growing energy consuming nation.
Total Chairman and CEO Patrick Pouyanne said the French company is “very interested” in investing in downstream sectors in India.
“We are in discussion with many players (for a stake in liquefied natural gas import terminals),” he told reporters here.
Refusing to give details, he said Total was interested in selling LNG into India as well as retailing to consumers. It wants to do that through partnership with local companies.
PTI on Sunday reported that Total is in talks to buy up to half of Adani Group’s stake in LNG projects in Gujarat and Odisha, a under-construction LPG import facility and in the firm’s city gas projects.
Sources said the French firm is keen on investing in the fast growing gas market in India and finds Adani a suitable vehicle as it owns the crucial downstream infrastructure.
Adani holds 25 per cent stake in just-completed 5 million tonnes a year liquefied natural gas (LNG) import terminal at Mundra. It is also building a similar capacity LNG import terminal at Dhamra in Odisha at a cost of Rs 5,100 crore.
Sources said Total is in talks to buy half of Adani’s stake in the two terminals.
It is also looking at buying a 50 per cent stake in under-construction LPG import terminal that Adani is building at Mundra in Gujarat as well as a stake in Adani’s flourishing city gas distribution projects, they said adding a preliminary pact may be signed this week during the visit of Total CEO Patrick Pouyanne to India.