Gujarat government owned Gujarat State Petroleum Corporation (GSPC), which has debt of more than Rs16,500 crore, will slash it by more than Rs3,200 crore - nearly 20% - by selling its stake in city gas distribution company Gujarat Gas to its subsidiary Gujarat State Petronet Limited (GSPL). "GSPC will sell its entire 28.40% stake in Gujarat Gas to GSPL. We feel that GSPL and Gujarat Gas can have strong business synergies," state's chief secretary JN Singh, told DNA. Even after selling its stake in Gujarat Gas, GSPC is not out of the woods. It would help in achieving economies of scale and enable faster roll out of city gas distribution networks," GSPL said in a BSE filing.

Source: dna March 20, 2018 00:11 UTC