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.
-
Average earners now face £200,000 inheritance tax bill - how much will your estate owe?‘Double whammy’ of inheritance tax changes means even the estates of those earning the average UK wage could face bills, not just the very wealthy
-
Are the wealthy dodging more tax than previously thought?A new report suggests tax non-compliance among the wealthy could be worse than previously imagined. Is an overly complex system partly to blame?
