Shell Exits Mumbai-Based Gas Utility

BG Asia Pacific, a unit of Shell, has exited Mumbai-based gas utility Mahanagar Gas (MGL) by selling its 10% stake in the company, Indian media reported August 20.

The company sold 9.98mn shares on Indian stock exchange through block deals at rupees 780/share ($10.9/share). The identity of the buyer was not known. BG Asia Pacific last year sold stake in MGL in two tranches, 8.5% in April and 14% in August, through bulk deals, bringing down its stake to 10% from 32.5%. With the latest stake sale, it has completely exited MGL.

The other shareholders of MGL are state-owned Gail which holds 32.5%; the government of the state of Maharashtra with 10%; and the public which owns 25%. MGL primarily operates in Mumbai and adjoining areas and has almost 1mn customers.