GAIL (India) Ltd.

The Asian Development Bank (ADB) plans to sell its 5.2% stake in Petronet LNG, which the state-owned gas utility GAIL India is keen to acquire and may have to pay over Rs 600 crore for it. ADB has offered to sell its 39 million shares, or 5.2% stake, in Petronet, which is valued at over Rs 614 crore. GAIL, ONGC, Indian Oil and Bharat Petroleum hold a 12.5% stake each, to restrict the public sector holding in the company at 50%. GAIL has proposed that it can buy the entire 5.2% stake of ADB.

In case other companies are also interested, the ADB stake can be split equally among GAIL, IOC, ONGC and BPCL with each buying 1.3% stake. ADB stake being bought by state firms would turn Petronet into a public sector company with shareholding of state firms rising above the current 50%.