New Delhi: Indian state gas firm GAIL (India) Ltd said on Wednesday it was in early-stage talks to buy a stake in Australia’s Advent Energy, GAIL’s chairman said on Wednesday.
“The talks are at a premature stage,” B.C. Tripathi told reporters.
He declined to comment on whether the company was looking to buy a stake in Advent as part of a consortium of India’s state-run energy firms. India’s Economic Times newspaper reported on Wednesday that a consortium of Indian state-run energy firms led by Oil and Natural Gas Corp (ONGC) was in talks to buy a 25% stake in Advent for about $1 billion.
However, the co-owners of Advent Energy, an unlisted oil and gas exploration company, said the report was incorrect.
“Commentary in the media in India on formal discussions between Advent Energy Ltd and a consortium of Indian state-run energy firms, regarding talks to acquire a 25% stake in Advent for $1 billion, is incorrect,” MEC Resources , BPH Corporate and Grandbridge Ltd said in separate statements.
Officials at ONGC and Oil India , which was also reported by the Economic Times to be part of the consortium, declined to comment.
Indian energy companies have been looking to buy assets overseas in order to meet surging demand driven by an economy growing at 8.5%.