French energy giant Total SA to buy 37.4% stake in Adani Gas; makes its way to enter India

French energy giant Total SA is spending $600 million to expand its presence in one of the world’s fastest-growing natural gas markets. Total agreed to purchase a 37.4% stake in India’s Adani Gas Ltd., a distributor of the fuel that is developing import terminals and a national chain of vehicle-filling outlets. Total said in a statement that the acquisition will cost about $600 million taking into account its divestment in another Indian LNG terminal earlier this year. The deal will give Total access to India’s natural gas market and support its drive to become one of the world’s top LNG players. India’s annual LNG demand will hit 28 million tons by 2023, making it the world’s fourth-largest importer of the fuel, according to BloombergNEF.

“The natural gas market in India will have strong growth and is an attractive outlet for the world’s second-largest LNG player that Total has become,” Total Chief Executive Officer Patrick Pouyanne said in the statement.