In a notable development, the board of Gujarat State Petronet approved the transfer of city gas distribution (CGD) business for Amritsar and Bhatinda geographical area of the company as a going concern, on slump sale basis, to Gujarat Gas on June 3, 2021. The transfer has been approved for an aggregate consideration of Rs 1.63 billion. The business transfer agreement for transfer of CGD business is expected to be executed within a period of 45 to 60 days.
Gujarat State Petronet is a natural gas infrastructure and transmission company engaged in gas transportation business.