India buys controlling stake in natural gas company from BG for US$422 million

Jun 12, 2013 12:00 AM

Britain's BG Group today 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 US$422 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.

BG Group plc (LSE: BG.L) describes itself as "a world leader in natural gas, with a broad portfolio of business interests focused on exploration and production and liquefied natural gas. Active in more than 20 countries on five continents, BG Group combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves."

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