GAIL India is keen on acquiring Asian Development Bank’s (ADB) stake in Petronet LNG (PLL). It had rejected the proposal to forego the first right of refusal to acquire ADB stake in PLL. ADB has decided to sell its 5.2% stake in Petronet, which has been formed as a joint venture by the Government with non-public sector character.
State run firm believes that if a private stakeholder was brought in then there was always a fear of it acquiring a larger stake from the open market and threatening the position of the promoters.
