Reliance, IndianOil, ONGC among bidders to buy stake in Gujarat terminal
New Delhi   10-Aug-2013

Reliance Industries-BP combine, Indian Oil Corp (IOC), Oil and Natural Gas Corp (ONGC) and GAIL are among the 8 firms in race to buy 25 per cent stake in a LNG import terminal being planned at Mundra in Gujarat.

Reliance-BP have bid for the 25 per cent stake through their equal joint venture India Gas Solutions.

Gujarat State Petroleum Corp (GSPC) had invited expression of interest for the 25 per cent stake in the 5 million tonnes a year liquefied natural gas (LNG) terminal. Besides Reliance-BP, other firms expressing interest include state-owned ONGC, GAIL and IndianOil, Petronet LNG Ltd and Torrent Energy, industry sources said. Japan's Mitsui & Co and Toyota Tsusho Corporation too are in fray.

GSPC, a Gujarat company, would hold 50 per cent stake in the Rs 5,200 crore project while Adani Group would take 25 per cent.

The project is to be financed in a debt to equity ratio of 70:30. The terminal capacity would be expandable upto 10 million tonnes per annum.