New Delhi: Adani Gas has got permission from the oil and gas sector regulator to divest from its parent company, as well as to sell stake to the French major energy company Total.
Sources informed that the company has been approved by the Petroleum and Natural Gas Regulatory Board (PNGRB) after officially seeking permission. Earlier, PNGRB had canceled the license granted to Adani Gas for gas distribution in 13 cities. The reason for this was allegedly ‘cheating’ by not sharing the information about separation from the mother company.
The company got this license during the ninth round of bidding in 2018. On PNGRB’s 29 November 2019 issue of show cause notice to Adani Gas, the company said that it had reorganized Adani Gas Limited through media, newspaper, public information, public listing and bidding documents to all concerned authorities in this regard. Has given information But PNGRB warned the Ministry of Corporate Affairs in this regard to conduct an inquiry into ‘fraud’ and imposed a fine of Rs 396.81 crore on the company. Subsequently, the company’s license for 13 cities was canceled.
Sources said that after this the company officially applied to sell the stake and PNGRB gave permission to this.
