BG Group has reached agreement to sell its majority interest in India's Gujarat Gas Company Limited (GGCL) for approximately INR 24.6 billion or $470 million to GSPC Distribution Networks Limited, a subsidiary of Gujarat State Petroleum Corporation.

The agreement, which is subject to regulatory approval, involves the sale of BG Asia Pacific Holdings Pte Limited's 65.12% controlling interest in GGCL, India's largest private sector natural gas distribution company. The transaction is scheduled to complete during the first half of 2013.

BG Group Chief Executive Sir Frank Chapman said: "With this announcement, we have non-core asset sales agreements in place that will release some $4 billion from our balance sheet. We have made outstanding progress since announcing our two-year $5 billion release program only eight months ago, and we remain focused on the successful delivery of our growth projects."

Tags: BG Group, Gujarat Gas Company Limited