No plan to sell Petronet LNG stake: ADB

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The Asian Development Bank is planning to hold on to its 5.2 per cent stake in Indian gas importer Petronet LNG, a bank executive said on Thursday, denying media reports that it might be about to sell.

"We aren't selling our stake. At this point ADB has decided not to divest its shares," said Shantanu Chakraborty, senior investment specialist at ADB's Private Sector Operations Department.

He rejected as "unfounded" media reports that ADB's own rules precluded holding debt and equity in one company, which would force it to sell after it lent $169 million to Petronet LNG last year.

State firms Oil and Natural Gas Corp, Indian Oil Corp, Bharat Petroleum Corp Ltd and Gas Authority of India Ltd each have 12.5 per cent stakes in Petronet, while France's GDF Suez has 10 per cent.