Shell may sell 10% stake in Mahanagar Gas
Mumbai, March 8 -- Shell India, the local arm of Netherlandsbased Royal Dutch Shell Plc, may finally exit the city gas distribution business by selling its 10% stake in Mahanagar Gas Ltd (MGL), said two officials aware of the development, requesting anonymity. When Mahanagar Gas was listed on 1 July 2016, Shell, through its wholly-owned subsidiary, BG Asia Pacific Holdings Pte. Ltd, acquired a 34% stake in the company. Last year, it offloaded 24% of its shareholding in two tranches-8.5% in April and 14% in August-in the open market through a bulk deals. This reduced Shell's holding to 10%. In 2016, Shell took over BG Group Plc and, subsequently, acquired its assets worldwide. "Shell plans to sell its stake in MGL and exit city gas distribut...
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