Spanish power group Union Fenosa may pick up 10% equity in Petronet LNG Ltd (PLL). The deal may come through the foreign currency convertible bond (FCCB) route. PLL was planning to float a $100-million FCCB issue.
Petronet sources said a Union Fenosa team visited its Dahej LNG import terminal in Gujarat a few months back. The team may come for due diligence again, they added.However, with regard to FCCB route, PLL may have to take a fresh government approval for the issue since the previous approval has expired.
Union Fenosa is present in 12 countries with significant interests in the gas business.
PLL is a joint venture company promoted by Bharat Petroleum Corporation, GAIL India, Indian Oil Corporation and Oil & Natural Gas Corporation. These firms hold 50% in the venture (12.5% each), floated to build and operate the country’s first LNG terminal at Dahej.
With an authorised equity of Rs 1,200 crore, the company’s other shareholders include Gaz de France (10%) and Asian Development Bank (5.2%). The remaining 34.8% equity is held by the public.
Read more in The DNA Money article.
Showing posts with label Petronet LNG. Show all posts
Showing posts with label Petronet LNG. Show all posts
Thursday, May 17, 2007
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