Billionaire Gautam Adani-led Adani Group has signed an agreement with French energy giant Total SA to invest in the downstream oil sector, including foray into fuel retailing.

Both the companies have set a target of developing several regasification terminals, including Dhamra LNG, on the east coast.

“Essentially it would be a big stride towards India’s vision of achieving a healthier energy mix through promotion of LNG,” the companies said in a joint statement on Wednesday.

According to the statement, the partnership with Total, the world’s second largest private LNG player, will include developing various regasification terminals and 1,500 fuel retail stations over a period of 10 years.

The companies said that the move is to tap the domestic fuel market that is growing at a pace of 4 per cent per year driven by the development of road infrastructure and the emergence of the middle class.

The new service stations will offer Indian customers Total’s full line-up of fuel, lubricants as well as a broad range of other products and services.