To pare its debt and pay off liabilities, state promoted Gujarat State Petroleum Corporation Ltd (GSPC) will transfer ₹6,000 crore worth of non-convertible debentures to sister concern Gujarat State Investment Ltd (GSIL), according to an arrangement reached by the two companies and accessed by Mint.
As part of the arrangement, which provides for the assignment of obligations, GSPC will issue equity shares to GSIL resulting in the latter becoming the holding company of GSPC.
GSIL holds investments of government of Gujarat in various state sector entities. The company is an unregistered core investment company and engaged in the business of investment generally.
