Indian government approves acquisition of 55% stake in Cambay psc by Oilex
Date
April 29, 2021
Type
M&A Transactions
Subtype
Transaction agreement announced
Countries
India
Subsectors
Oil & Gas
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Oilex has received necessary approvals from the Government of India and Gujarat regarding its transaction to acquire a 55% stake in Cambay psc from Gujarat State Petroleum Corporation (GSPC). The transaction is valued at US$ 2.2 million, once completed Oilex will own a 100 % stake in operations at Cambay psc in Gujarat.
Cambay psc is a natural gas asset located in Gujarat, which is expected to narrow the demand-supply gap in natural gas.
