Total flies in to meet DK Sarraf

Vol 23, PW 7 (13 Feb 20) News in Brief

Total is taking seriously the PNGRB's threat to strip its partner Adani Gas of 13 CGD-IX areas.

On February 3, the French major dispatched its Paris-based president people and social responsibility (Ms) Namita Shah to meet PNGRB chairman DK Sarraf and member Satpal Garg in Delhi, where Adani group boss Gautam Adani and Adani Gas CEO Suresh Mangalani were also present. Sources say this closed-door meeting lasted for more than 30 minutes and was held before lunch.

Still unclear is what was discussed but sources speculate talks centred on the PNGRB's November 2019 'show cause' notice to Adani accusing it of failing to disclose the details of its corporate restructuring during CGD-IX. Sources believe it will not be possible for the PNGRB to hush up the matter given the unusually strong tone of the PNGRB notice and the wide coverage received.

"The PNGRB will have to hold a "hearing’ and give a ruling," we hear. Total and Adani signed an agreement in October 2018 to cooperate in the gas business.

But Total bosses can't have been happy when Adani gas' share price tumbled from Rs175 ($2.45) on January 24 to Rs165 ($2.31) on February 1 - attributed to the PNGRB's show cause notice.