GSPC to sell 28.4% stake in Gujarat Gas

MUMBAI: Gujarat State Petroleum Corp. Ltd (GSPC) has decided to sell a 28.4% stake in Gujarat Gas Ltd, its city gas distribution business, to its subsidiary Gujarat State Petronet Ltd (GSPL). With this transaction, the Gujarat government-owned GSPC is expected to reduce its ₹16,500 crore debt by over ₹3,250 crore. Both Gujarat Gas and GSPL are subsidiaries of GSPC. “The board of directors has approved the acquisition of up to 28.40% of the paid-up equity share capital of Gujarat Gas from GSPCL, by way of an inter-se transfer.

COMPILED FROM MINT REPORTERS AND AGENCY