After the deal, the public shareholders will own the remaining 25.2 per cent.

French energy giant Total SA will buy a 37.4 per cent stake in gas distribution company Adani Gas, as it looks to capitalise on the South Asian country's push for cleaner sources of energy. Total is the third foreign oil major to enter India's gas sector after BP Plc and Shell, and it comes at a time when India is spending heavily to cut its carbon emissions.

Prime Minister Narendra Modi has set a target to more than double the share of gas in the country's energy basket to 15 per cent by 2030, while Total has embarked on a series of deals this year to expand its liquefied natural gas (LNG) portfolio.Total will buy up to 25.2 per cent in Adani Gas from public shareholders at Rs 149.63 per share, representing an 8.7 per cent premium to the stock's last close and valuing the stake at Rs 4,147 crore ($585 million).

It will also buy another 12.2 per cent stake from the Adani family at an undisclosed price, according to stock exchange filings.

After the deal, the Adani family and Total will each hold 37.4 per cent stake in Adani Gas, while public shareholders will own the remaining 25.2 per cent.

"The natural gas market in India will have strong growth and is an attractive outlet for the world's second-largest LNG player that Total has become," Total Chairman and CEO Patrick Pouyanne; said in a statement

"Adani will bring its knowledge of the local market and its expertise in the infrastructure and energy sectors

This partnership with Adani is cornerstone to our development strategy in this country," added Mr Pouyanne. Total and Adani plan to establish a joint venture to market LNG in India and Bangladesh.

Speaking later at a conference in Delhi, Mr Pouyanne; said the deal will take 6 months to complete, adding that the energy major was looking to capture a substantial part of the gas market with Adani. Total was also in discussions with partners including Adani for partnership in renewable energy, he said at the India Energy Forum by CERA Week.

Last month, Total completed the acquisition of Anadarko's 26.5 per cent stake in the Mozambique LNG project for $3.9 billion, while in June it took over Toshiba's US.