Total, the world's second-largest LNG player, has agreed to expand its partnership with Adani Group, the largest energy and infrastructure conglomerate in India, and to contribute to the development of the Indian natural gas market by acquiring a 37.4% interest in Adani Gas Limited. Adani Gas Limited aims to expand its distribution of gas in the next 10 years through its 38 concessions covering 7.5% of the Indian population and market natural gas to industrial, commercial and domestic customers.
In order to reach a 37.4% shareholding in Adani Gas Limited in accordance with Indian stock market regulations and subject to regulatory approvals, Total will initially launch a tender offer to public shareholders to acquire up to 25.2% of equity shares -- before buying the remaining shares from the Adani Family. Total and the Adani Family will ultimately hold 37.4% each, with the remaining 25.2% held by public shareholders.
Latham & Watkins represented Total in the transaction with a team led by London corporate partner Edward Barnett, with associates Hector Sants and Koushik Prasad. Advice was also provided by Houston partner Ryan Maierson and Singapore partner Rajiv Gupta on US securities law and additional corporate matters. AZB & Partners provided Indian law advice.