GSPC is learnt to have completed the acquisition of
65.12 per cent stake in Gujarat Gas Co (GGCL) for about Rs 2,460 crore from London-based BG Group.
Reserve Bank of India (RBI) and the Competition Commission of India (CCI) have already approved the transaction between BG Group and GSPC.
Gujarat Gas Co (GGCL) is the largest private natural gas distributor in India. In October 2012, BG Group entered into a binding agreement for the sale of the stake to a subsidiary of Gujarat State Petroleum Corporation (GSPC).
As part of its broader rationalisation programme, BG Group decided to sell its stake in GGCL. BG wants to refocus the Group's portfolio on its core strengths of exploration and production and liquefied natural gas.
Earlier, BG Group had shortlisted a consortia of GSPC, state-owned Oil and Natural Gas Corp (ONGC) and Bharat Petroleum Corp (BPCL) for selling the stake.
Later, state-owned Oil India (OIL) too joined the consortia but when it came to making a final price bid GSPC quoted Rs 2,463.8 crore on its own in October last year.
However, ONGC, BPCL, OIL later withdrew from the consortium for some political reasons.