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Total’s Indian joint-venture to seek fuel retailing license

A joint-venture by India’s Adani Gas and France’s Total (TOTF.PA) will soon seek government permission to open retail fuel stations in India, Adani’s chief executive said on Wednesday.

India has become a lucrative market for global oil majors after the government removed controls on the retail pricing of gasoline and gasoil and relaxed rules for setting up fuel stations in the country, the world’s third biggest oil consumer and importer.

“Definitely we will take full benefit of the expertise and strength of Total,” Suresh Manglani told reporters on an earnings call, adding that the intent was to become a full-service operator, providing a multi-fuel offering.

The joint venture, Total Adani Fuels Marketing Pvt Ltd, will soon apply for a license under the new liberal fuel retailing rules, Manglani said.

Source
Reuters
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