“The natural gas
market in India will have a strong growth and is an attractive outlet for the world’s second-largest LNG player that Total has become,” Total Chief Executive Officer Patrick Pouyanne said in the statement.
The acquisition is the latest in a string of Total investments meant to beef up its presence in LNG. The French giant agreed to take over the Mozambique LNG project earlier this year as part of a deal for Anadarko Petroleum Corp.’s assets in Africa. The company has also recently absorbed Engie SA’s upstream assets, boosted its investment in Tellurian Inc. and its U.S.-based Driftwood LNG venture, and is planning to sanction a new gas export project in Papua New Guinea.
Adani is developing the Mundra and Dhamra LNG import terminals in India. It plans to expand its distribution network in the next decade to about 6 million homes and 1,500 retail outlets for natural gas vehicles.
Total will make the purchase through a tender offer to public shareholders for up to 25.2% and the residual shares from Adani family, Adani Gas
said in a statement to stock exchanges. Times of India reported in June that Total was close to buying a 30% stake in Adani for over $800 million.