PSU PRESS RELEASE
GSPC looks at financial restructuring post ONGC deal
New delhi . After selling its stake in KG gas block to ONGCBSE -1.82 % for $1.2 billion, Gujarat State Petroleum Corp (GSPC) is mulling a big financial restructuring including trimming stake in some business like LNG and portfolio readjustment, its Managing Director J N Singh said.
The Gujarat government firm, which is saddled with nearly Rs 20,000 crore of debt, has a large gas trading business, gas transmission pipelines and city gas business.
“We are going through our entire financial restructuring exercise… Options are some dilution of the stake, some dilution of the equity (in some businesses),” Singh told PTI in an interview. Refusing to elaborate, he said, various options of “financial reconstruction of the company and portfolio readjustments” are being looked at. Khabarindia
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