GSPL buys 27.43% stake in Sabarmati Gas for Rs 56.23 cr

New Delhi : Gujarat State Petronet Ltd (GSPL) said it has bought 27.43 % stake in Sabarmati Gas Ltd from financial institutions for Rs 56.23 crore. Sabarmati Gas Ltd (SGL) is a joint venture of Bharat Petroleum Corporation Ltd (BPCL), Gujarat State Petroleum Corporation Ltd (GSPC) and GSPL, which was incorporated 2006 for retailing CNG to automobiles and piped cooking gas to households in Gandhinagar, Mehsana and Sabarkantha districts of Gujarat. The paid up share capital of SGL is Rs 20 crore. GSPL held 13.75 % stake in SGL. BPCL has 25 % interest, GSPC 11.25 % and the balance 50 % stake was held by Financial Investors.