Petronet LNG Ltd has dropped plans to buy 25 per cent stake in GSPC's almost-complete Rs 4,500-crore Mundra LNG import terminal in Gujarat to allow its promoter IOC to pick a larger stake, a company official said.
State-owned Indian Oil Corporation (IOC) has been talking to Gujarat State Petroleum Corporation Ltd (GSPC) for almost two years now for acquiring 50 per cent stake in the 5-million tonne (mt) a year Mundra liquefied natural gas (LNG) import terminal.
Petronet, India's biggest gas importer, entered the fray earlier this year. It is keen on buying a stake in IOC's under-construction 5-mt a