ITOCHU Corporation and Toyota Tsusho Corp. joined race to acquire 25% stake in the LNG venture of Gujarat State Petroleum Corporation Limited, according to media reports. Reliance Industries Limited along with its joint venture with BP plc, Torrent Power Limited, GAIL (India) Limited and Petronet LNG Ltd. are also looking forward to acquire the 25% stake in the LNG Venture. "Besides Indian and Japanese players, some other potential investors too have approached us and they are seeking more time to confirm their participation in the bidding process. We are open to allot 25 per cent equity to one or more investors in different proportions," a source told media. Adani Enterprises Limited will hold 25% stake in LNG Venture, while Gujarat State Petroleum Corporation will hold 50% stake while 25% will be sold to one of the interested parties.

Adani Enterprises Limited announced commencement of ambitious integrated coal mine developer cum operator (MDO) operations with the start of coal production at the Parsa East-Kanta Basan mine in Chhattisgarh, owned Rajasthan Rajya Vidyut Utpadan Nigam Ltd. (RRVUNL). The company has outlined a phased capital outlay of INR 30 billion for the entire block.

GSPC LNG Limited is seeking strategic investors for its 25% stake. Gujarat State Petroleum Corporation Limited hold 50% stake and Adani Enterprises Limited holds 25% stake in GSPC LNG. The balance 25% stake was held by Essar, which subsequently exited the joint venture and GSPC LNG is now trying to find investors for this balance stake. GSPC LNG is looking for its third partner who could invest up to INR 3 billion for its 255 stake. GSPC LNG has invited expression of interest (EOI) from strategic partners until April 5, 2013, for up to 25% stake. For this, it has invited LNG suppliers or LNG traders with access to sources of gas, offtakers of Regassified LNG (RLNG) from the terminal, experienced LNG terminal operators and financial institutions. GLL hopes to find this partner in the next one year.