Indraprastha Gas Limited keen to buy Asian Development Bank stake in Petronet LNG
IGL management is considering picking up ADB's stake which has been on offer for more than a year now, industry sources said adding a formal offer may be made soon.
ADB stake going to IGL will help resolve long-standing dispute between Petronet's principal promoters and the firm's management led by its Chairman and Oil Secretary.
Petronet's promoter firm's IOC, ONGC, GAIL and BPCL were originally interested in buying ADB's 5.2 per cent stake but the firm's management was opposed to it as it would have led to PSU holding crossing 50 per cent that would turn the LNG importer into a government entity.
Sources said IGL being a private company, its buying ADB stake will not alter Petronet's character, thereby satisfying the company management and the oil ministry.
For the promoters too it will be a win-win situation as they will get a larger say in Petronet's affairs through IGL. IGL is 50 per cent owned by gas utility GAIL India and Bharat Petroleum Corp Ltd (BPCL).
Sources said IGL buying stake would also help in averting the potential conflict situation that was arising due to Petronet management offering the ADB stake to Qatar Petroleum.
Qatar Petroleum, the Persian Gulf country's state-run energy firm, has majority stakes in RasGas and QatarGas that along with other liquefied natural gas (LNG) suppliers in the world compete to sell fuel to India.
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