Gujarat govt sells GSEC stake

The Narendra Modi-led Gujarat government has finally kicked off the disinvestment process by offloading its 56.7% equity in the state owned Gujarat State Export Corporation (GSEC), a star trading house, to the Ahmedabad-based Rs 3000 crore Adani group, reports Our Ahmedabad Bureau.

Sources said, the government and Adani group on Monday inked an agreement to this effect. Though the exact deal amount is not known, Adani group is believed to have paid around Rs 1.6 crore.

When contacted by ET, Sanjay Gupta, chief executive officer, Adani Infrastructure, confirmed the development. He, however, declined to spell out the exact details of the acquisition deal.