BG Group PLC To Sell 65.12% Stake In Gujarat Gas Co Ltd For INR2,463 Crore (INR24.63 Billion) To Gujarat State Petroleum Corp's GSPC Distribution Networks Ltd-Business Standard

Business Standard reported that BG Group PLC said it has reached an agreement to sell its majority stake in Gujarat Gas Co Ltd (GGCL) to the state government-run GSPC for over INR2,460 crore (INR24.60 billion). BG Group PLC said it will sell its 65.12% stake in GGCL to GSPC Distribution Networks Ltd (GDNL), a subsidiary of Gujarat State Petroleum Corp (GSPC). The transaction, which is subject to regulatory approvals, is scheduled to be completed during the first half of 2013. GDNL is buying GGCL shares at INR295 apiece and it will pay INR2,463.8 crore (INR24.638 billion) to BG Group for the acquisition. The agreement involves the sale of BG Asia Pacific Holdings Pte Ltd's 65.12% controlling interest in GGC.