Guj State Petronet raises stake in Sabarmati Gas

Gujarat State Petronet (GSPL) has informed the exchanges that it had purchased 27.43 per cent stake in Sabarmati Gas (SGL) for ₹56.23 crore. Following this transaction, GSPL’s stake in SGL has increased to 27.47 per cent, with the latter becoming its associate company. The stake was purchased from financial institutions. SGL is a joint venture between Bharat Petroleum Corporation and GSPL. For financial year, 2014-15, SGL had a top line of ₹940 crore and a bottom line of ₹111 crore.