GAIL India wants to buy out the entire 26% stake of Greater Calcutta Gas Supply Corporation (GCGSCL) in its joint venture, Bengal Gas Company (BGCL), to make it its own 100% subsidiary. However, the West Bengal government-owned GCGSCL is unwilling to transfer any share.
GAIL and GCGSCL had entered into a 74:26 JV in 2017 for the business of city gas distribution, but GCGSCL’s cash constraints are said to be coming in the way of the project’s progress.
