12th Jun 2013 12:32
News Release |
12 June 2013
Sale of Gujarat Gas Co. stake completed
BG Group today announced it has completed the sale of the Group's 65.12% holding in India's largest private natural gas distributor Gujarat Gas Company Limited (GGCL) for INR 24.6 billion or approximately $422 million at current exchange rates.
A binding agreement for the sale of the interest, to a subsidiary of Gujarat State Petroleum Corporation (GSPC), was announced in October 2012*. The transaction was completed after BG Group and GSPC received the necessary approvals from the Reserve Bank of India and the Competition Commission of India.
BG Group's sale of its interest in GGCL is part of a broader rationalisation programme, aimed at refocusing the Group's portfolio on its core strengths of exploration and production and liquefied natural gas.
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Notes to Editors:
*http://www.bg-group.com/MediaCentre/Press/Pages/3Oct2012.aspx
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a broad portfolio of business interests focused on exploration and production and liquefied natural gas. Active in more than 20 countries on five continents, BG Group combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves. For further information visit: www.bg-group.com
There are matters set out within this announcement that are forward-looking statements. Such statements are only predictions, and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from these forward-looking statements, refer toBG Group's Annual Report and Accounts for the year ended 31 December 2011. BG Group does not undertake any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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