Adani Gas to change name to Adani Total Gas


NEW DELHI:
Adani
Gas Ltd, the city
gas distribution firm of billionaire Gautam
Adani‘s group, will
change its
name
to
Adani
Total
Gas
to reflect French energy giant
Total‘s stake in the firm.

Adani
Gas has through a postal ballot sought shareholders’ nod
to
change the
name as well as alter its memorandum and articles of association, according
to the firm’s filing
to stock exchanges.

After the French giant buying stake,
Adani
Gas is now “a joint venture company of
Adani Group and
TOTAL Group, France with 37.40 per cent stake by each promoter and remaining 25.20 per cent with public shareholders,” it said.

“In order
to reflect the names of both promoter groups, it is proposed
to
change the
name of the company from ‘
Adani
Gas Limited’
to
Adani
Total
Gas Limited’
to reflect the holding structure,” the filing said.

The Board of the firm, which retails CNG
to automobiles and piped natural
gas
to household kitchens and industries in 15 geographical areas, had on November 3 approved the
name
change.

The company board is headed by
Adani and has two nominees of
Total – its India head Alexis Thelemaque and Jose-Ignacio Sanz Saiz.

Adani‘s nephew Pranav
Adani is the other promoter director on the board from
Adani‘s side.

Adani
Gas said its present business objective includes carrying out the business of natural
gas, liquefied natural
gas, compressed natural
gas (CNG) and other forms or natural
gas, associated gaseous substance, etc.

“The company proposes
to carry on the business of biogas, biofuel, bio mass, liquid
to compressed natural
gas (LCNG), hydrogen compressed natural
gas (HCNG), hydrogen, electric vehicle (EV), manufacturing of various equipments and provision of value-added services relating
to city
gas distribution (CGD) business, etc,” it said.

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For this, the Memorandum of Association of the company is being sought
to be altered.

The company has already set up city
gas distribution networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh. In addition, the development of Allahabad, Chandigarh, Ernakulam, Panipat, Daman, Dharwad, and Udhamsingh Nagar
gas distribution is awarded
to a consortium of
Adani
Gas Ltd and Indian Oil Corporation Ltd, according
to the company website.





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