Britain’s BG Group has announced divesting stake from its subsidiary, Gujarat Gas Co (GCCL), which is India’s largest and oldest private sector city gas distribution firm. According to the company, the move follows a review of its global portf olio. Being one of the fi rst western companies to invest in the Indian energy sector, BG had bought 65 per cent of GCCL for Rs 170 crore in 1997. It plans to exit at a time when GCCL commands a market value of nearly Rs 5,500 crore. GCCL MD, Shaleen Sharma made the sudden announcement and also informed the stock exchanges that its parent, the BG Group, had started the process of divesting stake from GCCL, in which it holds 65.1 percent stake. BG corporate aff airs director Rajeev Khanna added that the details of the divestment had not been fi nalized. He reportedly said that “the move is an outcome of BG Group’s periodic review of its global business portfolios.”