Gujarat Gas acquires additional shares in Gujarat State Petroleum Corporation for Rs 100 crore increasing its hold to 7.87 per cent, the company announced through an exchange filing. Acquisition aims to have better synergy and integration in the but not limited to, disclosure of reasons for Gas Value Chain, said the company.
GSPC LNG Limited (GLL) is engaged in the business of LNG receiving, storage and regasification. The company currently operates on a tolling model and offers its regasification services to prospective users for a fee. In addition to this the Company also offers LNG tanker truck loading services to users which supports the development of small-scale LNG business to customers who are not connected to pipeline networks. The LNG terminal of GLL is also equipped to undertake reloading of LNG ships. Storage and reloading of LNG can be developed as an alternate line of business in future.
Gujarat Gas Q1 earnings
The total income of Gujarat Gas Limited in the first quarter was at Rs 3,947.55 crore against Rs 5,322.23 crore YoY. While the total Expenses for the quarter were at Rs 3,658.19 crore the net profit dipped down from Rs 381.90 crore to Rs 215.95 crore.
Gujarat Gas shares
The shares of Gujarat Gas on Wednesday closed at Rs 472.50, down by 2.24 per cent.
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