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

Gujarat State Petronet Limited (GSPL) has bought a 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. Post-acquisition, GSPL holds 41.18 per cent in SGL, and the latter has become an associate company of the former. GSPC is a public sector company primarily engaged in oil and gas exploration, development and production, while BPCL refines and markets oil and gas.