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.
Source: BNN Bloomberg