Asian Development Bank Sells its Entire Stake in India's Petronet LNG

Asian Development Bank (ADB) on Friday sold its entire 5.2 percent stake in India's Petronet LNG Ltd on the Bombay Stock Exchange.

According to news agency Press Trust of India, the stake sale come after a long dispute between Petronet's principal promoters and the firm's management.

Originally, Petronet's promoters – Indian Oil, ONGC, GAIL and BPCL were eager to buy the 5.2 percent stake but the idea was opposed by company management as the move would lead public sector units (PSUs) holding crossing 50 percent turning the LNG importer into a government entity.

All the four PSUs than reversed their previous board approvals and gave no objection to ADB stake being sold outside the promoter group, Press Trust added