BG Group: Sale of Gujarat Gas Co. Stake Completed
OREANDA-NEWS. June 20, 2013. BG Group announced it has completed the sale of the Group’s 65.12% holding in India’s largest private natural gas distributor Gujarat Gas Company Limited (GGCL) for INR 24.6 billion or approximately USD422 million at current exchange rates.
A binding agreement for the sale of the interest, to a subsidiary of Gujarat State Petroleum Corporation (GSPC), was announced in October 2012. The transaction was completed after BG Group and GSPC received the necessary approvals from the Reserve Bank of India and the Competition Commission of India.
BG Group’s sale of its interest in GGCL is part of a broader rationalisation programme, aimed at refocusing the Group’s portfolio on its core strengths of exploration and production and liquefied natural gas.