India’s state-owned gas utility Gail is said to be the front runner in a bidding war for a stake in Gujarat Gas.
The 65 per cent controlling share of the company is being sold by firm BG Group, which holds the stake via BG Pacific Holdings.
According to news agency Platts, other companies interested in the stake are Indian firms Gujarat Gas Petroleum Corp, Adani Group, Hindustan Petroleum, Bharat Petroleum and Indian Oil Corp.
France’s EDF is also believed to be a likely bidder.
As of yesterday, Gujarat Gas was worth $907m, which is roughly what BG is said to be expecting for the stake in the company.