Adani NEWS

Adani Gas Ltd, on Wednesday reported a 42 per cent drop in June quarter net profit as sales volumes got impacted because of the coronavirus lockdown. Net profit of Rs 46 crore in April-June compared with Rs 79 crore net profit a year back. Revenue fell 57 per cent to Rs 207 crore while EBITDA was down 41 per cent at Rs 86 crore.

The Supreme Court has dismissed the plea filed by Adani Gas and others over the contract award of piped gas distribution network in Tamil Nadu. The contract was awarded to AG&P LNG, Torrent Gas and SKN Haryana by PNGRB. The apex court bench upheld the contract saying that calling the bidders with the highest composite scores cannot be rebuked, and denied any merit in the submission.

Total might acquire a 30% stake in India's city gas distribution (CGD) company Adani Gas. The deal would be will be worth over $800 million. According to Adani's spokesperson, “As a part of the company’s business growth strategy, we continue to evaluate various viable options”. It is after a strategic partnership in October aimed at developing various regasification LNG terminals, that both the companies have decided on this deal.

If sources were to be believed, French energy major, Total is planning to buy stakes in the LNG and city gas projects of Adani Group. The Indian multinational owns 25% stakes in just-completed LNG import terminal at Mundra, apart from building another terminal at Dhamra in Odisha. Total is looking forward to buy 50% of Adani’s interests in the two terminals, apart from stakes in Adani’s already thriving CGD projects.

Kerala GAIL Gas Ltd (KGGL), JV of GAIL and KSIDC was formed with an idea to bring more contracts for the development of city gas project in the state and to improve the delivery of CNG and PNG. Failing to do so, the state government is now of the view to wind up KGGL. IOAGPL bagged the maximum contracts in the CGD auction announced so far.

GSPC is looking towards the commission of an LNG import terminal of 5 million tonnes a year capacity at Mundra, India. The terminal, to be operational in the coming two-three months, will have an additional 10 million tonnes per annum expandable capacity. GSPC, through its subsidiary GSPL, partnered with Adani Group on this project and will seek a strategic partner in the near future.