Indraprastha Gas (IGL) is planning to buy Asian Development Bank’s (ADB) 5.2% stake in Petronet LNG, the nation’s largest liquefied natural gas importer. This deal will be help to resolve long standing dispute between Petronet’s principal promoters and the firm’s management. After buying ADB's stake, IGL being a private company, will not alter Petronet’s character, thereby satisfying the company management and the oil ministry.
The company has reported 28.48% rise in its net profit at Rs 99.21 crore for second ended September 30, 2012 as compared to Rs 77.22 crore for the same quarter in the previous year. Total income of the company has increased by 43.32% at Rs 858.50 crore for quarter under review as compared to Rs 599.00 crore for the quarter ended September 30, 2011.
