GAIL to Sell Part of China Gas Holdings Stake

GAIL India plans to sell part of its 4.6 per cent stake in Hong Kong-listed, city gas distribution firm, China Gas Holdings.

The company believes it is a good time to sell and re-invest the earnings from the stake sale in overseas upstream assets, Hindu Business Line said in a report.

GAIL had in 2005 bought 210 million shares at HK $1.158 per share.

China Gas has a 30-year exclusivity period for its city gas operations in 172 cities across China and boasts of a 35,000-km gas pipeline network serving 7.8 million households and 49,000 factories and business.