After the French giant buying stake, Adani Gas is now "a joint venture company of Adani Group and TOTAL Group, France with 37.40 per cent stake by each promoter and remaining 25.20 per cent with public shareholders," it said.
"In order to reflect the names of both promoter groups, it is proposed to change the name of the company from
Adani Gas Ltd, the city gas distribution firm of billionaire Gautam Adani’s group, will change its name to Adani Total Gas to reflect French energy giant Total’s stake in the firm. Adani Gas has through a postal ballot sought shareholders’ nod to change the name as well as alter its memorandum and articles of association, according to the firm’s filing to stock exchanges.
After the French giant buying stake, Adani Gas is now “a joint venture company of Adani Group and TOTAL Group, France with 37.40 per cent stake by each promoter and remaining 25.20 per cent with public shareholders,” it said. “In order to reflect the names of both promoter groups, it is proposed to change the name of the company from
‘Adani Gas Limited’ to ‘Adani Total Gas Limited’ to reflect the holding structure,” the filing said. The Board of the firm, which retails CNG to automobiles and piped natural gas to household kitchens and industries in 15 geographical areas, had on November 3 approved the name change.
The company board is headed by Adani and has two nominees of Total – its India head Alexis Thelemaque and Jose-Ignacio Sanz Saiz. Adani’s nephew Pranav Adani is the other promoter director on the board from Adani’s side. Adani Gas said its present business objective includes carrying out the business of natural gas, liquefied natural gas, compressed natural gas (CNG) and other forms or natural gas, associated gaseous substance, etc.
“The company proposes to carry on the business of biogas, biofuel, bio mass, liquid to compressed natural gas (LCNG), hydrogen compressed natural gas (HCNG), hydrogen, electric vehicle (EV), manufacturing of various equipments and provision of value-added services relating to city gas distribution (CGD) business, etc,” it said. For this, the Memorandum of Association of the company is being sought to be altered.
The company has already set up city gas distribution networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh. In addition, the development of Allahabad, Chandigarh, Ernakulam, Panipat, Daman, Dharwad, and Udhamsingh Nagar gas distribution is awarded to a consortium of Adani Gas Ltd and Indian Oil Corporation Ltd, according to the company website.