Report: Engie selling its stake in Petronet LNG

France’s LNG player Engie, through its unit, GDF International, has reportedly set the wheels in motion to sell its 10 percent stake in India’s largest LNG importer, Petronet LNG.

Citing a term sheet, Bloomberg reports the company is offering 75 million shares in total looking to rake in about $513 million through a block sale.

LNG World News invited Engie to comment on the sale report.

Earlier in March, Petronet LNG said Engie invited the state-owned companies that own a total of 50 percent in Petronet LNG, offering them first right of purchase of the 10 percent share.

The four state-owned companies are Bharat Petroleum Corporation, GAIL, Indian Oil Corporation and Oil and Natural Gas Corporation.

According to the term sheet, JP Morgan Chase and Citigroup have been hired to arrange the offering.