Ahmedabad: The Adani group has entered into an agreement with France’s Total to jointly develop multi-energy offerings in the Indian market which include fuel retail and liquefied natural gas.
Total and Adani will create a joint venture with an objective to build a retail network of 1,500 service stations over a period of 10 years, according to a joint statement issued on Wednesday.
These retail stations will come up on highways and intercity connections to take advantage of a market growing at 4% per year.
Total, the world’s second largest private LNG player, has set a target of developing various regasification terminals, including Dhamra LNG, on the east coast, according to the statement.
The global synergy between the two groups presented widespread benefits and long-term value for the economy and the people of India, Adani group chairman Gautam Adani said in the statement.
“We are looking forward to this opportunity to touch millions of lives by leveraging our collective footprint and domain expertise in the energy sector. It also enables the Adani group to be part of the country’s vision in adopting cleaner energy," he said.
Adani is building a 5 million tonne LNG import terminal at Dhamra in Odisha at a cost of ₹ 5,100 crore.
Patrick Pouyanné, Chairman and CEO, Total said, “India’s energy consumption will grow among the fastest among all major economies in the world over the next decade. The partnership between Total and the Adani group illustrates our joint commitment to assisting India to diversify its energy mix and to ensure a supply of reliable, affordable and clean energy to consumers.
Earlier in August this year, Total Gaz Electricité Holdings exited Hazira LNG and Port in Gujarat by selling its 26% stake to Shell Gas B.V., a subsidiary of Royal Dutch Shell plc.