Corporate News     01-Jun-21
Board of Gujarat Gas approves acquisition of CGD business for Amritsar and Bhatinda Geographical Area
At meeting held on 01 June 2021
The Board of Gujarat Gas at its meeting held on 01 June 2021 has approved the acquisition/transfer of City Gas Distribution business for Amritsar and Bhatinda Geographical Area ('CGD Business') as a going concern, on Slump Sale basis from Gujarat State Petronet ('GSPL') for an aggregate cash consideration of Rs. 163.31 crore, without values being assigned to individual assets and liabilities, under a Business Transfer Agreement.

Further, the acquisition of CGD Business on a Slump Sale basis by way of Business Transfer Agreement (BTA) is subject to approval by the Board of Directors of GSPL and other conditions precedent and conditions subsequent, if any, as agreed in the BTA.

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