Mumbai: State-run Gujarat State Petroleum Corp. Ltd (GSPC) has put 12 of its 21 hydrocarbon blocks on the block to reduce its debt, according to two people aware of the development. GSPC is the flagship firm of the GSPC Group, which is involved in exploration and production of oil and gas. The Gujarat government owns 87% in GSPC.
“GSPC has opened its data room to bidders. It is selling 12 of its 21 hydrocarbon blocks,” said one of the two persons mentioned above on condition of anonymity.
GSPC did not reply to an email sent on 19 March.
The company had hired consulting firm EY in 2016 to prepare a report on the stake sale, in an attempt to reduce its debt, which has reached ₹20,000 crore as of March 2016.
