Shell Dilutes Interest in Mahanagar Gas Limited
Apr 11, 2018
Mumbai: Shell today announced that its wholly owned subsidiary, BG Asia Pacific Holdings Pte Ltd (BGAPH) has diluted its shareholding in the publicly listed Mahanagar Gas Limited (MGL) from 32.50% equity to 24.0% equity shares.
This is part of Shell’s ongoing portfolio optimization to transform Shell into a simpler company, delivering stronger returns. We believe in the key role that gas will play in India and continue to seek opportunities in that arena. Our investment in the Hazira LNG receiving terminal in Gujarat and the recent creation of Shell Energy India, our gas marketing and trading business, shows our commitment to grow in India and to increase gas penetration in the country.
The other shareholders of MGL are GAIL (India) Limited (GAIL), who holds 32.50% of MGL’s equity shares, the Government of Maharashtra with 10% and the Public Shareholders with 25% in MGL, respectively.
This announcement has no impact on other Shell businesses in India.
Shell believes that India offers a vast opportunity for growth for Shell’s businesses and we will continue to pursue opportunities which can enhance Shell footprint in the country including in the retail network and our custom-built Technology and IT Centre in Bangalore.
The ever-growing energy demand in the country is an indication and call for advanced technology and innovation in the sector which Shell sees it as an important role to play. Shell looks forward to playing a significant part in the energy transition in India.
Shell India Markets Private Limited
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Edelman India Private Limited
Notes to Editors:
Shell in India
Shell is one of the most diversified international oil company in India's energy sector with over 7000 employees. It is a major private sector supplier of crude products, chemicals and technology to public/private sector oil companies. It maintains a significant presence in the country with its lubricants and retail businesses. Shell also has a technology center, a financial business operations center, an in-house global IT center and operates a joint venture LNG receiving and re-gasification terminal. Through its subsidiary company BG Exploration and Production India Limited, Shell holds a 30% interest in, and is joint operator of, the Panna - Mukta oil and gas fields and the Mid and South Tapti gas and condensate fields (PMT fields).
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