Dart Confirms Plan to Sell Stake in India Subsidiary

Dart Energy has confirmed that it is in talks with various players for selling 49% stake in its India subsidiary to raise funds, according to Business Standard.

This comes at a time when the company has relinquished all the coal-bed methane blocks in the country except the one in Assam.

“We are in talks for the stake sale; it is there in our plans. At present, we have only the Assam block with us and have relinquished three out of the four blocks we secured in CBM III bidding round and two other blocks in the CBM IV round in 2010,” said Sudhansu Adhikari, Country Manager, Dart Energy Ltd.

When asked by Business Standard about its failure as a CBM player in India, Adhikari added, “Compared to players like Essar, GEECL and Reliance, we got blocks with lesser prospects.” 

In Assam block company holds a 60% stake, while Indian Oil Ltd holds the remaining 40%.

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