(EnergyAsia, October 5 2012, Friday) — UK’s BG Group said it has agreed to sell its majority interest in India’s Gujarat Gas Company Limited (GGCL) for 24.6 billion rupees or $470 million to GSPC Distribution Networks Limited, a subsidiary of Gujarat State Petroleum Corporation.
The agreement, which is subject to regulatory approval, involves the sale of BG Asia Pacific Holdings Pte Limited’s 65.12% controlling interest in GGCL, India’s largest private sector natural gas distribution company. The transaction is scheduled to complete in the first half of 2013.
BG Group’s CEO, Frank Chapman, said:
“With this announcement, we have non-core asset sales agreements in place that will release some US$4 billion from our balance sheet. We have made outstanding progress since announcing our two-year US$5 billion release program only eight months ago, and we remain focused on the successful delivery of our growth projects.”