The Adani family-owned Adani Gas has secured a nod from oil regulator for its demerger from its parent and the subsequent sale of a stake in the company to French energy giant Total SA after it made a formal application for the same, sources said.
The Petroleum and Natural Gas Regulatory Board (PNGRB) had threatened to cancel the 13 city gas distribution licences Adani Gas had won in the 9th bid round in 2018 for allegedly perpetrating a “fraud” by not disclosing material facts of the demerger.
After PNGRB slapped Adani Gas a showcause notice on Adani Gas Ltd (AGL) on November 29, 2019, the company maintained that “all concerned authorities were intimated about the proceedings pertaining reorganisation of AGL through media/ newspapers/ disclosures/ public listing/ bid submissions.”
