OSAKA GAS CO LTD

The combined entity will be valued at over $1.1 billion, acquiring the heft that will help it compete with rivals. It will be a stock-for-stock merger — a share of one company for each of the other. Currently, I-Squared holds 100% stake in Think Gas Distribution and 73% in AG&P Pratham, the India arm of Singapore-based Atlantic Gulf & Pacific (AG&P) City Gas.

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.

Technology stocks were weak, with the sector down 1.11%. Chip-making equipment manufacturer Tokyo Electron, a major contributor to the Nikkei, dropped 4.33% and weighed the most on the index.

AG&P plans to invest Rs 10,000 crore in its city gas business over eight years in the country, the company had earlier said. It is also planning to ready a floating LNG storage unit in Puducherry by the end of next year.

The Nikkei share average ended 0.3 percent lower at 22,200.00, after opening higher.