BG Group today 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 $470
million to GSPC Distribution Networks Limited, a
subsidiary of Gujarat State Petroleum Corporation.
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 $4 billion
from our balance sheet. We have made outstanding progress
since announcing our two-year $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.
There are matters set out within this announcement
that are forward-looking statements. Such statements are
only predictions, and actual events or results may differ
materially. For a discussion of important factors which
could cause actual results to differ from these
forward-looking statements, refer to BG Group's
Annual Report and Accounts for the year ended 31 December
2011. BG Group does not undertake any obligation to
update publicly, or revise, forward-looking statements,
whether as a result of new information, future events or
otherwise, except to the extent legally required.