The transaction is part of BG Groupa[euro](tm)s attempts to refocus its portfolio on its core strengths of exploration and production as well as on liquefied natural gas, the vendor said.Country: IndiaSector: Petroleum/Natural Gas/CoalTarget: Gujarat Gas Company Ltd (GGCL
)Buyer: Gujarat State Petroleum CorporationVendor: BG Group PlcDeal size in USD: 426mType: DivestmentStatus: Closed
In 2007, GGCL
recorded a growth of 10 per cent in gas sales volumes.
According to the publication, GGCL
said the stations will be built in several phases during the next "two to three years," with the first phase to include the addition of five fueling sites in the cities -- three in Surat and one each in Ankleshwar and Bharuch.
12 June 2013 - UK natural gas company BG Group Plc (LON:BG) said on Wednesday it had wrapped up the sale of its 65.12% stake in India's largest private sector natural gas distributor Gujarat Gas Co Ltd (GGCL
) to a unit of Gujarat State Petroleum Corp (GSPC).
According to officials, GGCL
expects to invest approximately 1 billion rupees (about $22 million) in the endeavor, which will be executed in several phases.
British oil and natural gas explorer and producer BG Group Plc (LON:BG) said it had agreed to dispose of its majority stake in India's largest private sector natural gas distributor Gujarat Gas Company Ltd (GGCL
) to a unit of Gujarat State Petroleum Corp.
Under the terms of the deal, BG Asia Pacific Holdings Pte Ltd will sell its 65.12% interest in GGCL
to GSPC Distribution Networks Ltd for about INR24.6bn (USD471.6m/EUR365.5m).
M2 EQUITYBITES-October 3, 2012-BG Group agrees sale of GGCL
stake for USD470m(C)2012 M2 COMMUNICATIONS http://www.m2.com
M2 EQUITYBITES-October 3, 2012-BG Group to divest GGCL
stake to Gujarat State Petroleum(C)2012 M2 COMMUNICATIONS http://www.m2.com