Mar 15, 2023
I Squared Weighs Stake Sale in $1 Billion India’s Think Gas
(Bloomberg) -- I Squared Capital is considering selling a minority stake in Think Gas Distribution Pvt. that could value the Indian natural gas supplier at more than $1 billion, according to people familiar with the matter.
The private equity firm is working with an adviser to sell as much as a 30% stake in Think Gas, said the people, who asked not to be identified as the information is private. The asset could attract investment funds and pension funds, the people said.
Deliberations are at an early stage and I Squared could still decide against proceeding with a deal, the people said. Representative of I Squared and Think Gas didn’t immediately respond to requests for comment.
Established by I Squared in 2018, Think Gas operates across 13 districts in India and supplies natural gas to domestic, commercial, industrial and automotive sectors, according to its website. In 2021, I Squared invested about $200 million in Singapore-based AG&P City Gas, another city gas distributor in India that has 12 concessions in the country.
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