Gujarat Gas Composite Scheme Becomes Effective May 1, 2026

Gujarat Gas Limited has officially announced that its composite scheme of arrangement became effective on May 1, 2026, following the filing of e-Form INC-28 with the Registrar of Companies, Ahmedabad. The company had previously set May 12, 2026 as the record date for determining shareholders eligible for equity share allotment under the scheme, with the board of directors approving this decision during their meeting held on April 29, 2026.

Scheme Implementation and Effective Date

The composite scheme became effective on May 1, 2026, as per Clause 1.14 read with Clause 70 of the scheme. All companies involved in the arrangement filed the certified copy of the Ministry of Corporate Affairs sanctioning order along with the composite scheme in e-Form INC-28 on the same date.

Parameter: Details Effective Date: May 1, 2026 Filing Authority: Registrar of Companies, Ahmedabad Form Filed: e-Form INC-28 Record Date: May 12, 2026 MCA Sanction Date: April 17, 2026

Corporate Restructuring Details

The composite scheme involves the amalgamation of three transferor companies with Gujarat Gas Limited. Gujarat State Petroleum Corporation Limited, Gujarat State Petronet Limited, and GSPC Energy Limited have been dissolved without winding up and amalgamated with the company. Additionally, the Gas Transmission Business Undertaking has been demerged into GSPL Transmission Limited as the resulting company.

Company Role: Entity Name Transferor Company 1: Gujarat State Petroleum Corporation Limited Transferor Company 2: Gujarat State Petronet Limited Transferor Company 3: GSPC Energy Limited Transferee Company: Gujarat Gas Limited Resulting Company: GSPL Transmission Limited

Share Issuance Framework

Under the approved scheme, Gujarat Gas will issue an aggregate of 62,27,14,719 equity shares of ₹2 each to shareholders of GSPC and GSPL. The distribution follows specific share exchange ratios established under the regulatory framework.

Beneficiary: Shares to be Issued Exchange Ratio GSPC Shareholders: 35,20,17,714 10 shares of ₹2 each for every 305 shares of ₹1 each GSPL Shareholders: 27,06,97,005 10 shares of ₹2 each for every 13 shares of ₹10 each Total Shares: 62,27,14,719 -

Regulatory Compliance and Name Change

The scheme has received comprehensive regulatory approval from the Ministry of Corporate Affairs, with the sanctioning order received on April 17, 2026. As part of the arrangement, Gujarat Gas Limited will change its name to Gujarat Energy Limited pursuant to Clause 64 of the scheme. The company has fulfilled all requirements under Regulation 30 and 42 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Compliance Aspect: Status SEBI Regulation 30: Complied MCA Approval: Received April 17, 2026 Shareholder Approval: Completed October 17, 2025 Name Change: To Gujarat Energy Limited

The effective implementation of this composite scheme marks a significant corporate restructuring milestone for Gujarat Gas Limited, consolidating operations across multiple entities while establishing a new transmission company for specialized business operations.

Gujarat Gas Limited has announced comprehensive support measures to revive Morbi's ceramic industry through assured gas supply and price stability amid recent geopolitical disruptions. The company's strategic intervention addresses critical infrastructure requirements for one of India's key ceramic manufacturing hubs.

Crisis Response and Recovery Initiative

The recent geopolitical crisis led to surge in raw material costs, restrictions on industrial propane usage, and increased freight expenses. These challenges prompted several ceramic units in Morbi to voluntarily suspend operations starting mid-March 2026, affecting the livelihood of more than 2 lakh workers.

Gujarat Gas responded by proactively sourcing natural gas from non-Middle East markets at spot rates to maintain continuous supply in line with Government of India directives. The company's Geographical Area and Corporate teams engaged extensively with industry stakeholders, including the Morbi Ceramic Association, to facilitate restart of operations.

Crisis Impact: Details Affected Workers: More than 2 lakh Suspension Period: Mid-March 2026 Key Challenges: Raw material costs, propane restrictions, freight expenses Response Strategy: Non-Middle East sourcing, stakeholder engagement

Operational Recovery Metrics

The revival efforts have shown significant positive results. Industrial activity in Morbi has gradually resumed, with substantial improvements in gas consumption and active units.

Recovery Timeline: Gas Volume (mmscmd) Active Units March 31, 2026: 0.36 83 April 8, 2026: 0.57 109 April 15, 2026: 1.20 205 April 22, 2026: 2.70 290

Future Projections and Support Measures

Gujarat Gas has addressed key industry concerns related to gas availability, pricing, and supply volumes. The company has initiated execution of gas supply agreements with ceramic units, providing operational certainty to manufacturers.

The number of active gas consumers is expected to increase from the current approximately 290 units to approximately 675-700 units. Total gas consumption is projected to reach 6-7 mmscmd in May 2026.

Projections for May 2026: Target Active Units: 675-700 Gas Consumption: 6-7 mmscmd Price Certainty: Entire month assured Supply Guarantee: Uninterrupted availability

Strategic Commitment

Leveraging its diversified sourcing strategy, Gujarat Gas has assured customers of uninterrupted gas supply along with price certainty for the entire month of May 2026. This commitment has boosted confidence among manufacturers and is expected to accelerate the revival of production across the cluster.

The company is also facilitating PNG connections for employee canteen facilities within manufacturing units, further strengthening the overall ecosystem. The resumption of operations is set to benefit nearly 2 lakh workers who were impacted by the temporary shutdown during the crisis.

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