Summary:
Vadodara: GAIL Gas Ltd, a wholly owned subsidiary of Gail (India) Ltd, is looking to offload its entire stake in Vadodara Gas Ltd (VGL), the only city gas joint venture (JV) company of its kind where a civic body is a partner with a public sector energy company. GAIL had written to the VMC in 2015 too stating that its board had given a nod for offloading its stake to GSPC. GAIL has sought an amendment in the restrictive clauses of its shareholding agreement with the Vadodara Municipal Corporation (VMC) to sell its stake to Gujarat Gas Ltd (GGL), a subsidiary of Gujarat State Petroleum Corporation (GSPC).GAIL and VMC have equal stake (50:50) in the JV company that has operations in the VMC limits presently. It also stated that the stake could not be sold to any entity that was involved in the same business. When the shareholders agreement was signed for the JV in July 2013, the JV was valued at Rs 215crore..