BG Group sells over 65% stake in Gujarat Gas to GSPC

London-based BG Group has completed the sale of its 65.12 per cent stake in the country's largest private natural gas distributor Gujarat Gas Co., Ltd. (GGCL) for a consideration of approximately Rs 2,460 crore to Gujarat State Petroleum Corporation (GSPC).

The deal is in line with a binding agreement announced in October 2012 for the sale of BG Group's stake in GGCL to GSPC, which is a part of a broader rationalization program aimed at shifting BG Group's portfolio on its core strength.

"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 (CCI)," the company said.

Read more about: gujarat gas
Story first published: Thursday, June 13, 2013, 12:54 [IST]
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