Adani Offers Dhamra LNG Stake to IOC, GAIL
Adani Group has offered 49% stake in its Rs. 5,000-crore ($750 million) Dhamra liquefied natural gas (LNG) project in Odisha to the state-owned oil and gas companies GAIL India and Indian Oil Corporation (IOC), according to a PTI report.
The company has written to the state-owned firms offering them 49% stake in the 5 million tonnes a year liquefied natural gas (LNG) import terminal planned at Dhamra.
The Dhamra LNG project, having a capacity of five million tonnes per year, would be operational in 2018-2019.
IOC and GAIL have agreed to take equity in the Dhamra project, but have not decided the proportion the 49 percent stake would be divided.
Both the companies reportedly bargained for a 50 percent stake in the project, but Adani wanted to retain the controlling portion in the project.
Dhamra will be the sixth LNG project announced on the east coast with 1.5 mt of the terminal's regassification capacity.
The Adani Group generated revenues worth $9.4 billion for the financial year 2014-2015.