OREANDA-NEWS. October 09, 2012. BG Group announced it had reached agreement to sell its majority interest in India’s Gujarat Gas Company Limited (GGCL) for approximately INR 24.6 billion or USD 470 million to GSPC Distribution Networks Limited, a subsidiary of Gujarat State Petroleum Corporation, reported the press-centre of BG Group.

The agreement, which is subject to regulatory approval, involves the sale of BG Asia Pacific Holdings Pte Limited’s 65.12% controlling interest in GGCL, India’s largest private sector natural gas distribution company. The transaction is scheduled to complete during the first half of 2013.

BG Group Chief Executive Sir Frank Chapman said: “With this announcement, we have non-core asset sales agreements in place that will release some USD 4 billion from our balance sheet. We have made outstanding progress since announcing our two-year USD 5 billion release program only eight months ago, and we remain focused on the successful delivery of our growth projects.”

Notes to Editors:
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively priced resources to specific, high-value markets. Active in more than 20 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG) and transmission and distribution business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves.