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Energy

Total agrees to buy stake in Adani Gas as energy giant bets on India demand

French company to buy 37.4% stake in Adani venture

  © Reuters

MUMBAI (NewsRise) -- Indian conglomerate Adani Group said French energy giant Total agreed to buy a 37% stake in its city gas distribution unit, as foreign companies seek to cash in on the rising energy needs of Asia’s third-largest economy.

   Total’s investment comes at a time when India has pledged to cut down its greenhouse emissions even as it struggles to manage the growing energy needs of its prospering population.  The south Asian nation has also set an ambitious target of increasing the share of natural gas in its energy mix to 15% by 2030.

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