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Gujarat State Petroleum Corporation (GSPC) will acquire 65.12% in Gujarat Gas Company Ltd (GGCL) for Rs 24.64bn, according to reports.
Reports stated that GSPC, along with its affiliates in the Group, signed definitive agreements for buying the stake from the BG Group.
The acquisition is being made at Rs 295 a share, says report.
There are reports that the deal would expand GSPC Group’s presence in Gujarat.
India Infoline Research Team / 14:59, May 20, 2015
GPIL reported 13.5% yoy decline in operating profit as the impact of higher volumes was offset by lower product prices