The consortium of Japanese firms may reach an agreement with Think Gas’s backer I Squared Capital as soon as September, said the people, who asked not to be identified as the information is confidential. Bloomberg News reported in March that the private equity firm was working with an adviser on a potential sale of as much as 30% of Think Gas.
Though deliberations are advanced, I Squared could still decide against proceeding with the deal, the people said. Representatives for I Squared Capital, Osaka Gas and Sumitomo declined to comment, while 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 the domestic, commercial, industrial and automotive sectors, according to its website. In 2021, the infrastructure focused 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.
–With assistance from Shoko Oda.