Engie S.A., an energy company, through its wholly-owned subsidiary GDF International S.A., intends to sell its 10% stake in Petronet LNG Limited, a midstream company. The transaction is estimated to be valued at approximately US$434 million.
Under the terms, Engie offered first right of purchase of the stake to the existing partners of Petronet LNG.
Petronet LNG owns an LNG receiving and regasification terminal at Dahej, Gujarat, with a nominal capacity of 10 mmtpa; and an LNG terminal at Kochi, Kerala, with a capacity of 5 mmtpa. The company is building a third terminal at Gangavaram, Andhra Pradesh.
The other partners in Petronet LNG are Oil and Natural Gas Corporation Limited (12.5%), Indian Oil Corporation Limited (12.5%), Bharat Petroleum Corporation Limited (12.5%), GAIL (India) Limited (12.5%), other public investors (40%).