State-owned Gujarat State Petroleum Corp. (GSPC) has agreed to acquire the controlling stake in Gujarat Gas Co Ltd. (GGCL) for Rs 2,463.8 crore.

GSPC will acquire 65.12 per cent stake in GGCL from its parent company BG Group, at 295 per equity share. GGCL is the biggest private-sector city gas distribution (CGD) company in India, with a base of 3.5 lakh in South Gujarat.

Following the acquisition, GSPC will become the country's biggest distributor of natural gas, with total volume of nearly 8 million cubic metres per day.

Initially, GSPC had bid for the stake in GGCL along with state-owned ONGC and BPCL, but finally acquired the stake alone.

BG Group sold the stake as a part of its ongoing rearrangement of its global portfolio. It needs $9 billion for its exploration and production plans in Australia and Brazil.

Analysts have described the deal as a win-win situation for both parties.

Rahul Saraf, Director of Investment Banking at Citi India, said, "This transaction helps BG get closer to its announced $5-billion non-core assets divestiture programme while GSPC enters into new gas distribution markets in Gujarat increasing its size and scale."

GGCL shares slipped 2.15 per cent to close at Rs 336.70 on Wednesday on Bombay Stock Exchange (BSE).