Gujarat State Petronet

What Gujarat State Petronet does

Gujarat State Petronet Limited (GSPL) was a publicly listed natural gas transmission company promoted by Gujarat State Petroleum Corporation (GSPC), itself a Government of Gujarat undertaking, and operated on a common carrier basis across Gujarat. The company transported natural gas through an approximately 2,800 km pipeline network serving industrial customers (steel, fertilizers, pharmaceuticals, textiles, petrochemicals, automotive, consumer goods), power generators (GUVNL, GSECL), and city gas distribution networks. Named industrial customers included JSW Steel, IFFCO, Torrent Pharmaceuticals, Raymond, Arvind Mills, Colgate-Palmolive India, Reliance Industries, Gujarat Narmada Valley Fertilizers, Suzuki Motor Gujarat, OPaL, Nirma, and Indian Steel Corporation. Gas sourcing, transmission, and distribution economics were regulated by PNGRB on a usage-based tariff model, with volumes of 27.5 mmscmd reported in Q3 FY26 and standalone revenue of Rs 272.19 crore.

Beyond pure transmission, GSPL was part of the integrated GSPC Group spanning E&P, LNG regasification (5 MMTPA terminal at Mundra via GSPC LNG), CGD (42,600+ km network, 22.67 lakh+ households, 828+ CNG stations across 44 districts in 6 states), and power generation (506 MW combined cycle plant at Hazira via GSEG). Joint ventures with BPCL (Sabarmati Gas), HPCL (cross-country pipelines), GAIL (gas supply), ONGC (E&P blocks), and QatarEnergy and Uniper (LNG supply) anchored its upstream-downstream integration. The Government of Gujarat and its PSUs held over 93.62% equity through parent GSPC, providing regulatory backing and policy alignment.

Effective May 1, 2026, GSPL ceased to exist as a separate entity under a composite scheme of arrangement merging GSPC, GSPL, and GSPC Energy Limited into Gujarat Gas Limited (renamed Gujarat Energy Limited), while simultaneously demerging the gas transmission business into a new pure-play entity, GSPL Transmission Limited (GTL). Under the exchange ratio, GSPL shareholders received 10 GGL shares for every 13 GSPL shares held, with 37.29 crore cross-held GSPL shares cancelled. The combined entity began trading on NSE and BSE as GUJGASLTD on June 18, 2026, creating a vertically integrated gas platform spanning E&P, gas trading, transmission, distribution, and power generation.

Name

Gujarat State Petronet

Legal name

Gujarat State Petronet Limited

Website

https://gspcgroup.com

Company type

Public

Founded year

1994

Operating status

Acquired

Headcount range

5,001–10,000 employees

Short description

Gujarat State Petronet (GSPL) was a Government of Gujarat-promoted gas transmission company operating an approximately 2,800 km common-carrier pipeline network across Gujarat, serving industrial, power, and CGD customers. It ceased independent existence in May 2026 upon amalgamation into Gujarat Energy Limited.

Ownership category

akta.pro rank

Product category

Natural Gas Transmission

NAICS

Pipeline Transportation of Natural Gas (48621), Natural Gas Distribution (221210)

SIC

Natural Gas Transmission (4922), Natural Gas Distribution (4924), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA)

akta.pro secondary industry

CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)

Keywords

• Natural gas transmission
• Pipeline infrastructure
• City gas distribution
• LNG regasification
• Hydrocarbon value chain

Headquarters

HQ city

Gandhinagar

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Gas Transmission Services: Revenue generated from gas transmission services as a common carrier entity, providing pipeline infrastructure for gas transportation across Gujarat.
2. Gas Trading: Gujarat Energy Ltd (merged entity) generates revenue from gas trading business with annual recurring profit expected at Rs 1,000-1,100 crore, having generated over Rs 1 lakh crore in revenue over five years.
3. City Gas Distribution: Revenue from piped natural gas distribution to industrial, commercial, domestic (over 22.67 lakh households), and CNG stations across 44 districts in 6 states.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Gujarat State Petronet Limited (GSPL) operated as a common-carrier natural gas transmission company, transporting natural gas through approximately 2,800 kilometers of pipeline infrastructure across Gujarat to industrial customers, power generators, and city gas distribution networks. Through affiliated GSPC Group entities, the platform extended into LNG regasification, city gas distribution (PNG connections and CNG stations), and gas-based power generation.

Product overview

Gujarat State Petronet (GSPL) operated as a pure-play gas transmission entity within the GSPC Group, providing natural gas transportation services through an extensive pipeline network. The company's core business focused on gas transmission infrastructure, functioning as a common carrier to enable gas flow across Gujarat. Following the May 2026 amalgamation, GSPL's gas transmission business was demerged into GSPL Transmission Limited (GTL), creating a separate entity housing the pipeline network.

Differentiator

Problem solved

Functional benefit

Products and services

• Gas Transmission Services Common-carrier transportation of natural gas through approximately 2,800 km of pipeline infrastructure in Gujarat, delivering gas to industrial customers, power generators, and city gas distribution networks.
• City Gas Distribution (PNG and CNG) Piped natural gas connections for industrial, commercial, and domestic customers and CNG supply through 828+ CNG stations across 44 districts in 6 states, distributing approximately 9.62 mmscmd of natural gas through 42,600+ km of pipeline.
• LNG Receiving, Storage and Regasification 5 MMTPA LNG receiving, storage and regasification terminal at Mundra, Gujarat operated by group entity GSPC LNG Limited, with two LNG storage tanks each having net capacity of 1,60,000 cubic meters.
• Gas-Based Power Generation 506 MW combined cycle gas-based power generation facility at Hazira operated by GSEG, supplying electricity under long-term Power Purchase Agreement to Gujarat Urja Vikas Nigam Limited (GUVNL).

Quantifiable outcome

• Gas trading revenue of Rs 1 lakh crore over five years
• +3 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

16 partnerships are on record, tiered core and minor.

• QatarEnergycoreStrategic or Co-development Partner · 1 January 2026Long-term LNG supply agreements including new agreements signed during FY26 as part of GEL's expanding LNG sourcing portfolio.
• Uniper Global CommoditiescoreStrategic or Co-development Partner · 1 January 2026New LNG supply agreement signed during FY26 as part of expanding long-term LNG sourcing portfolio for gas trading business.
• BPCL (Bharat Petroleum Corporation Limited)coreStrategic or Co-development Partner · 1 January 2006Joint venture partner in Sabarmati Gas Limited (SGL) for developing City Gas Distribution networks in North Gujarat districts.
• Hindustan Oil and Exploration Company LimitedcoreStrategic or Co-development PartnerJoint venture partner in E&P blocks including Asjol Oil Field where GSPC holds 50% PI, with HOEC as operator.
• Oil and Natural Gas Corporation LimitedcoreStrategic or Co-development PartnerJV partner in KG-OSN-2001/3 block where GSPC initially held 80% PI and operated before farming out to ONGC; also partner in various other E&P blocks.
• GNRL Oil & Gas LimitedcoreStrategic or Co-development PartnerJV partner operating Kanawara Field where GSPC holds 70% PI.
• GAIL (India) Ltd.coreStrategic or Co-development PartnerLong term Gas Supply Agreement partner and joint venture partner in various gas-related projects.
• Hindustan Petroleum Corporation LimitedcoreStrategic or Co-development PartnerJoint venture partner for cross-country pipeline development with GSPL.
• Geo Global Resources (Barbados) Inc.minorStrategic or Co-development PartnerInternational joint venture partner for E&P operations.
• Sanron Energy Private LimitedminorStrategic or Co-development PartnerJoint venture partner in E&P operations.
• GSPC-Niko (Niko Resources)coreStrategic or Co-development PartnerLong term Gas Supply Agreement for gas procurement for GSEG power plant.
• GUVNL (Gujarat Urja Vikas Nigam Limited)coreStrategic or Co-development PartnerLong term Power Purchase Agreement for sale of electricity from GSEG gas-based power plant.
• AlstomcoreImplementation/ SI/ Consulting PartnerEPC Turnkey Contractor for 156.1 MW CCPP at Hazira, supplying gas turbines, steam turbines, and power plant control systems.
• BHEL (Bharat Heavy Electricals Limited)coreImplementation/ SI/ Consulting PartnerEPC Turnkey Contractor for 350 MW CCPP expansion project at Hazira.
• Evonik Energy Services (India) Private LimitedcoreImplementation/ SI/ Consulting PartnerOperations and Maintenance contractor for GSEG CCPP generation plant.
• GIDC (Gujarat Industrial Development Corporation)minorStrategic or Co-development PartnerLand and water arrangements for GSEG power plant operations.

Scale indicators20 records

Recent moves9 records

Expansion highlights6 records

Emerging players

• Sabarmati Gas Limited: Joint venture between GSPC and BPCL operating CGD in North Gujarat districts (300,000+ customers, 161+ CNG stations, 440+ villages). Emerging/regional peer in CGD with overlapping geographic footprint within GSPC Group ecosystem.

Direct peers

• Indraprastha Gas Limited: Major Indian CGD company serving Delhi NCR with PNG and CNG operations. Direct peer in city gas distribution, sharing similar regulatory framework (PNGRB), customer mix (industrial, domestic, transport), and revenue model.
• Adani Total Gas Limited: Aggressive CGD player with authorizations across multiple Indian states, joint venture between Adani Group and TotalEnergies. Direct peer in CGD expansion, competing for PNGRB authorizations and sharing the same regulatory and operational framework.
• Mahanagar Gas Limited: CGD company serving Mumbai and surrounding areas with PNG and CNG operations. Direct peer with comparable CGD business model, PNGRB-regulated tariffs, and similar customer segmentation across domestic, commercial, industrial, and transport.
• Petronet LNG Limited: India's largest LNG importer and regasification terminal operator (Dahej and Kochi terminals). Direct peer in LNG regasification (comparable to GSPC LNG's 5 MMTPA Mundra terminal) and long-term LNG sourcing portfolio operations.
• GAIL (India) Limited: India's largest natural gas transmission company operating the national gas grid with cross-country pipelines. Direct peer to GSPL's transmission business, sharing common-carrier pipeline operations and large industrial customer base including fertilizers and power.
• Gujarat Energy Limited (formerly Gujarat Gas): India's largest city gas distribution company, now the surviving entity post-GSPL amalgamation. Direct peer in CGD, gas trading, and integrated gas value chain operations across Gujarat and beyond.

Broad incumbents

• Indian Oil Corporation Limited: India's largest OMC with extensive CGD presence, gas trading, and pipeline operations. Broad incumbent peer in integrated oil and gas value chain, including CGD subsidiaries competing for PNGRB authorizations.
• Hindustan Petroleum Corporation Limited: Major Indian OMC with downstream oil and gas operations including CGD through subsidiaries and JV with GSPL. Broader incumbent operating refining, marketing, and pipeline businesses; comparable in CGD and gas marketing activities.
• Reliance Industries Limited: India's largest private sector company with significant gas production (KG-D6), CGD presence, and petrochemical operations. Broad incumbent operating across the entire natural gas value chain, serving as both customer (to GSPL) and indirect competitor in gas supply and CGD.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gujarat State Petronet