Mobil, the US based oil and gas firm, has decided to pick
up a 10 per cent equity stake in Petronet LNG Ltd or PLL,
India''s first regassified liquid natural gas company.
PLL has just completed the construction of its 2.5 million
tonne regassified terminal project at Dahej in Gujarat.
has informed PLL of its decision to pick up the equity
which it may share with Qatar Petroleum, with which
it is involved in the Rasgas project, the LNG supplier
for PLL. This was disclosed by merchant banking sources
close to development said.
PLL is a consortium between the Indian Oil Corporation
Ltd, Bharat Petroleum Corporation Ltd, Gas Authority
of India and the Oil and Natural Gas Corporation Ltd,
all of which hold 12.5 per cent stake each. The project
consultant, Gaz De France, the French gas major, also
holds a 10 per cent stake.
Meanwhile, PLL has appointed DSP Merril Lynch, J M Morgan
Stanley, ICICI Securities, Enam Securities and SBI Caps
as merchant bankers for its initial public offering
of 26.5 crore shares. The shares will be listed on the
Bombay Stock Exchange and the National Stock Exchange.
The company plans to raise around Rs 1,000
crores through its IPO due by February, this year. "PLL
has finalised the details about the issue and the IPO
prospectus will be filed with the Securities and Exchange
Board of India this week." SBI Caps officials said.