• Latest
  • Trending

PSU Consortium Not To Revise Bid For BG Group's Stake In Gujarat Gas

April 6, 2012

BJP Led By Narendra Modi Battles Hard In State Polls

April 3, 2021

India’s ‘World’s Pharmacy’ Tag Is Facing A Threat

April 3, 2021
ADVERTISEMENT

A Slew Of Setbacks For The Congress Leader Chennithala On Poll-Eve

April 3, 2021

India Must Avoid Any Panic Reaction Amidst The Second Covid-19 Wave

April 3, 2021

Connectivity Has Emerged As A Focus Area Of India And Bangladesh

April 3, 2021

BJP Led NDA Facing Toughest Test In Third Phase Of Assam Polls On April 6

April 3, 2021

Modi-Shah’s Double Standards On CAA May Affect BJP In Assam

April 3, 2021

Bhupesh Baghel Emerges As Prominent Organiser Within Congress

April 3, 2021

Mamata’s Opposition Unity Call Has Big Relevance For 2024 Lok Sabha Polls

April 1, 2021

Amit Shah Is Dream Merchant For Sonar Bangla Without Knowing Its Origin

April 1, 2021

After Freedom House, V-Dem, The Turn Of The US State Department

April 1, 2021

How Long This Jobless Economic Planning Will Continue In India?

April 1, 2021
ADVERTISEMENT
  • Setup menu at Appearance » Menus and assign menu to Top Bar Navigation
Saturday, April 3, 2021
No Result
View All Result
IPA Newspack
  • Setup menu at Appearance » Menus and assign menu to Main Navigation
  • Setup menu at Appearance » Menus and assign menu to Main Navigation
No Result
View All Result
IPA Newspack
No Result
View All Result
ADVERTISEMENT

PSU Consortium Not To Revise Bid For BG Group's Stake In Gujarat Gas

IPA Staff by IPA Staff
April 6, 2012
in Uncategorized
2 min read
0
ADVERTISEMENT
ADVERTISEMENT

RelatedArticles

BJP Led By Narendra Modi Battles Hard In State Polls

India’s ‘World’s Pharmacy’ Tag Is Facing A Threat

A Slew Of Setbacks For The Congress Leader Chennithala On Poll-Eve

ADVERTISEMENT

MUMBAI: The PSU consortium comprising Bharat Petroleum Corporation (BPCL), Oil and Natural Gas Corporation ( ONGC) and Gujarat State Petroleum Corporation (GSPC) is not keen to raise its bid of $800-900 million for UK-based energy major BG’s 65% stake in the Gujarat Gas Company.
“We now know for a fact that our consortium was the only one to submit a final bid for BG’s stake in Gujarat Gas and BG has got back to us saying that our bid was too low an offer to accept, but as of now we are not looking to revise our bid,” said a senior official from one of the PSU’s participating in the consortium.”
He added: “Our bid is considerably lower than BG’s current market cap and we might consider revising it if we do have to compete with another serious competitor but not as of now given that we are the sole bidders.” Gujarat Gas’s share were up 4.43% last week and closed on Thursday at Rs 403 up Rs 8 since Monday, its current market cap is Rs 5,152 crore.
Earlier ET had reported that BG Group was scouting for new investors as it was not very satisfied by the response it has got from the final bidding process where key players like Torrent Power, Adani and global energy companies that were supposed to bid aggressively refrained from bidding.
BG had earlier extended the bid deadline to March 15 from the earlier February 29 cut-off to give more time to companies to discuss the matter with their boards and decide on the bidding process. Now, it is unlikely that the deal will close soon and could stretch to April-end.
The government’s move to regulate market margins charged by city gas distributors and Gujarat Gas’ marketing exclusivity period of five years coming to end in 2014, are two key facts that have influenced interested bidders to stay away.
Industry watchers also say that private equity players such as Actis, Standard Chartered, Apollo Global Management and Goldman Sachs were also in the fray but are not keen anymore, although sources say that BG could still be in active negotiations with these companies.
Last November, BG had decided to exit Gujarat Gas and had mandated Citigroup to advise them in the disinvestment. Gujarat Gas is India’s largest private sector natural gas distribution company in terms of sales volume.

ADVERTISEMENT
ADVERTISEMENT
Previous Post

Petrol Dealers Threaten Strike From April 24

Next Post

Army Generals Slam Report On 'Non-Notified' Troop Movement

IPA Staff

IPA Staff

Related Posts

IPA Service

BJP Led By Narendra Modi Battles Hard In State Polls

by ipaadmin
April 3, 2021
IPA Service

India’s ‘World’s Pharmacy’ Tag Is Facing A Threat

by ipaadmin
April 3, 2021
IPA Service

A Slew Of Setbacks For The Congress Leader Chennithala On Poll-Eve

by ipaadmin
April 3, 2021
IPA Service

India Must Avoid Any Panic Reaction Amidst The Second Covid-19 Wave

by ipaadmin
April 3, 2021
IPA Service

Connectivity Has Emerged As A Focus Area Of India And Bangladesh

by ipaadmin
April 3, 2021
IPA Service

BJP Led NDA Facing Toughest Test In Third Phase Of Assam Polls On April 6

by ipaadmin
April 3, 2021
Load More
Next Post

Army Generals Slam Report On 'Non-Notified' Troop Movement

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Advertisement

ADVERTISEMENT

Recommended

Oxytocin Ban Would Put Many Patients In Serious Difficulty

3 years ago
Samsung Display cuts LCD production to focus on QD-OLED

Samsung Display cuts LCD production to focus on QD-OLED

2 years ago
Load More
ADVERTISEMENT

Contact

India Press Agency D-34, Basement, Gulmohar Park, Delhi - 110049 Gautam Nagar, New Delhi
ADVERTISEMENT
ADVERTISEMENT

About Us

IPA Newspack

IPA Intelligence Unit is a specialist service of India Press Agency (IPA), one of the oldest news agencies of India.

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2020 India Press Agency - Latest Breaking news and Opinion IPA Media Group | Arabian Post

No Result
View All Result

© 2020 India Press Agency - Latest Breaking news and Opinion IPA Media Group | Arabian Post

Login to your account below

Forgotten Password?

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In