(LiveMint)
BG Asia Pacific Holdings Pte Ltd, a wholly owned subsidiary of Shell India, on Wednesday said it has sold 8.5% stake in Mahanagar Gas Ltd. After a block deal on stock exchanges, Shell’s share in Mahanagar Gas has come down from 32.50% to 24%. This is part of Shell’s ongoing portfolio optimization to transform Shell into a simpler company, delivering stronger returns.
“We believe in the key role that gas will play in India and continue to seek opportunities in that arena,” Shell said in a press statement. “Our investment in the Hazira LNG receiving terminal in Gujarat and the recent creation of Shell Energy India, our gas marketing and trading business, shows our commitment to grow in India and to increase gas penetration in the country,” the company added. Other shareholders of Mahanagar Gas include GAIL (India) Ltd with 32.50%, government of Maharashtra with 10% and the public shareholders with 25%.
