Total’s Adani stake a massive step in FDI


Total will acquire a 37.4% stake in Adani Gas for ₹61 billion (US$864 million). The acquisition forms the largest foreign direct investment in India’s city gas distribution sector to date.

On the significant aspects of the deal, Cyril Amarchand Mangaldas (CAM) partner Ravi Kumar said: “The transaction involves the acquisition of a significant stake by a non-resident in an Indian-listed company engaged in a highly regulated sector. Additionally, some of the promoter shareholders are non-resident.”

Kumar said the transaction involved complex structuring and documentation, “given the interplay of various stakeholders and regulations including the Securities and Exchange Board of India [SEBI] Takeover Code, SEBI’s Listing Obligations and Disclosure Requirements (LODR) and foreign exchange regulations, tax, antitrust laws, Companies Act, and sector-specific regulations.”

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