Gas giant BG Group is to sell its majority interest in India's Gujarat Gas Company (GGCL) for approximately INR 24.6bn - around 470m dollars.
The 65.12% controlling interest in GGCL, India's largest private sector natural gas distribution company, will go to GSPC Distribution Networks, a subsidiary of Gujarat State Petroleum Corporation.
BG Group Chief Executive Sir Frank Chapman said: "With this announcement, we have non-core asset sales agreements in place that will release some $4bn from our balance sheet".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We have made outstanding progress since announcing our two-year $5bn release program only eight months ago, and we remain focused on the successful delivery of our growth projects," he said.
-
8 of the best houses for sale with outdoor swimming poolsThe best houses for sale with outdoor swimming pools – from a family house in Wimbledon Village, London, to a 1640s mansion in Derbyshire with a heated swimming pool in the grounds
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
