Mumbai: Shell India, the local arm of Netherlands-based Royal Dutch Shell Plc, may finally exit the city gas distribution business by selling its 10% stake in Mahanagar Gas Ltd, said two officials aware of the development, requesting anonymity.
When Mahanagar Gas was listed on 1 July 2016, Shell, through its wholly-owned subsidiary, BG Asia Pacific Holdings Pte. Ltd, acquired a 34% stake in the company. Last year, it offloaded 24% of its shareholding in two tranches—8.5% in April and 14% in August—in the open market through bulk deals. This reduced Shell’s holding to 10%.
In 2016, Shell took over BG Group Plc and, subsequently, acquired its assets worldwide.
