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Gujarat State Petroleum Corporation (GSPC) is yet to take a call on the deal with Indian Oil Corporation, said the top official.
JN Singh, Managing Director, GSPC, said the State government will consider the proposal by IndianOil “whether to go with it or not”.
According to Singh, the central oil PSU looks at 50 per cent equity stake in the project, which was initially pegged to be ₹4,500 crore and stands at ₹5,000 crore.
The 5-million-tonne LNG import terminal being planned by GSPL LNG is a joint venture of GSPC and Adani Enterprises Ltd (AEL), with the latter holding 25 per cent equity stake in the project.
With debt-equity ratio of 70:30, the total equity investment works out to ₹1,500 crore. IOC’s proposed investment in the project will make it the largest stakeholder in the project, thereby making GSPC and Adani minority stakeholders. “It is their decision (to acquire up to 50 per cent in the project), we will look into it,” said Singh.
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