Shell offloads $152 million stake in Mahanagar Gas

Royal Dutch Shell plc has sold more than half its stake in Mahanagar Gas Limited (MGL). Shell-owned BG Asia Pacific Holding sold 12.5 million shares of the utility on the open market at Rs 851.89 each, earning

Rs 10.65 billion ($152 million). BG Asia held a 24 per cent stake in MGL at the end of June 2018, and after the sale, it will hold about 11 per cent. MGL was set up as a joint venture (JV) between state-run GAIL India Limited and UK-based BG Group. In February 2016, Shell acquired BG Gas.