GSPL buys 27.43 per cent stake in Sabarmati Gas for Rs 562.3 million

Gujarat State Petronet Limited (GSPL) has bought 27.43 per cent stake in Sabarmati Gas Limited (SGL) from financial institutions for a consideration of Rs 562.3 million. SGL is a JV of Bharat Petroleum Corporation Limited (BPCL) Gujarat State Petroleum Corporation Limited (GSPC) and GSPL, which was incorporated in 2006 for retailing compressed natural gas to automobiles and piped cooking gas to households in Gandhinagar, Mehsana and Sabarkantha districts of Gujarat. Post acquisition, SGL has become an associate company of GSPL. GSPC is a public sector company primarily engaged in oil and gas exploration, development and production while BPCL is into refining and marketing of oil and gas.