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Adani Enterprise arm to buy 20% stake in Green Gas

12 Aug 2011 Evaluate

Gujarat-based Adani Gas, an arm of Adani Enterprise, is planning to acquire up 20% equity in Green Gas, a joint venture between Gail and the Indian Oil Corporation (IOC).

Green Gas supplies city gas and compressed natural gas in Agra and Lucknow in Uttar Pradesh. Gail and IOC hold 22.5% each in the company, while Uttar Pradesh State Industrial Development Corporation holds five percent. Aditya Vikram Birla Group and financial institutions IDFC and UTI together hold 50% stake in Green Gas.

On consolidated basis, the Adani Enterprise posted a rise of 0.90% in its net profit at Rs 569.81 crore as compared to Rs 564.73 crore for the quarter ended June 30, 2010. Its total Income increased by 60.49% at Rs 9650.16 crore for the quarter under review as compared to Rs 6013.04 crore for the similar quarter of the previous year.

Adani Enterprises Share Price

2218.35 13.35 (0.61%)
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Company Name CMP
Redington 234.90
Adani Enterprises 2218.35
Amrapali Industries 17.53
Rashi Peripheral 455.25
PDS 301.45
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