Indian State-run oil refiner-marketer Indian Oil Corporation (IOC) and gas infrastructure and logistics major GAIL India have given the miss the option to pick up 50% stake in a liquefied natural gas (LNG) terminal project proposed by the Adani Group in eastern coastal state of Odisha.
India’s Petroleum and Natural Gas Minister, Dhramendra Pradhan, said in a statement this week that the agreement between IOC, Gail and Adani to buy 50% equity stake in the proposed $735-million LNG terminal project at Dhamra, Odisha had lapsed.