Gujarat Gas enters BTA with BGIESPL for acquisation of Cogen

Mumbai, June 12 (UNI) Gujarat Gas Company has entered into a Business Transfer Agreement (BTA) with BG India Energy Services Pvt Ltd (BGIESPL) for acquisition of its present business of Cogeneration of power 'Cogen' for a consideration of 10.97 crore.

The company said the transaction was achieved by way of a transfer of assets and liabilities on a slump sale basis.

Accordingly, Gujarat Gas has paid Rs 109,713,201 to BGIESPL under the BTA as consideration for acquiring the Cogen business. The consideration amount has been arrived at on the basis of the audited accounts of BGIESPL as on April 30 using the Net Asset Valuation method.

The company claimed that the valuation for the transaction has been carried out by an independent expert.

UNI SN MJ AW1800