BG Group sells Indian gas firm

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".

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"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.