Royal Dutch Shell PLC sold its remaining stake in the Indian natural gas distribution company Mahanagar Gas Ltd. as part of its ongoing portfolio optimization strategy.
Mahanagar Gas provides compressed natural gas and piped natural gas in Mumbai, its adjoining areas and the Raigad district in the state of Maharashtra. The company is an enterprise of state-owned GAIL (India) Ltd. and the government of Maharashtra.
Shell executed the deal through its subsidiary BG Asia Pacific Holdings Pte. Ltd., which holds the stake in Mahanagar Gas.
The deal does not impact Shell's other businesses in India, the supermajor said in an Aug. 20 news release. Shell plans to continue expanding its footprint in India, with emphasis on "the key role that gas will play in India," according to the company.
