Gujarat Gas Company Limited("GGCL") has, on the 25Ul April 2012, executed an Asset Exchange Agreement ("AEA") with GSPC Gas Company Limited ("'GSPC Gas"). Pursuant to this agreement GGCL will withdraw its authorisation application with the Petroleum and Natural Gas Regulatory Board ("PNGRB") for its gas distribution network in Valsad and Navsari districts in South Gujarat and Union territories of Daman & Silvassa. GSPC Gas will withdraw its authorisation application with the PNGRB for certain areas in Bharuch district (excluding Dahej and its surrounding areas in Vagra Taluka). GGCL will transfer it's gas distribution assets in Vapi to GSPC Gas in exchange for GSPC Gas's CNG assets in Bharuch district on an "as is" basis. GSPC Gas will also pay an independently determined amount to GGCL as net consideration.
The AEA will consolidate GGCL's gas distribution operations in Bharuch district.
Both GGCL and GSPC Gas will be free to bid or submit Expression of Interests, either individually or jointly, for any geographic area when the bidding process is initiated by the PNGRB.