In a chat with ET Now, JN Singh , MD, GSPC said that,”GSPC will utilise this money to partially retire its debts actually and GSPC is very strong in its other businesses. We are one of the biggest gas trading company.” Edited excerpts:
ET Now: Tell us is it about $1.2 billion for that 80% stake in the block which ONGCBSE -2.07 % will pay you.
ET Now: Tell us is it about $1.2 billion for that 80% stake in the block which ONGCBSE -0.61 % will pay you.
ET Now: Now the question is what does GSPC do with this money and what would this mean for the residual part of the business of GSPC as well because we were learning that your other businesses continue as planned but can you share some numbers out here with this block going out to ONGC what about the other businesses from GSPC and what would the company do with the money that is coming into the kitty.
JN Singh: GSPC will utilise this money to partially retire its debts actually and GSPC is very strong in its other businesses. We are one of the biggest gas trading company. We are also very strong in city gas distribution. We are also quite strong in gas transmission. So these businesses will continue as usual and the gas exploration in the KG Basin we very strongly felt that it was better done by a more experienced company with greater expertise and because it is in the pub .. Read More…
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