Gujarat NRE group has reportedly offloaded its entire shareholding in Gujarat NRE Oil, controlled by group holding arm Gujarat NRE Mineral Resources, to Australian Company -- Buru Energy -- for Rs 192 crore.
The completion of the buyout under the agreement is subject to standard terms and conditions and warranties and is expected to take place on or about October 4.
Gujarat NRE Oil owned a 90% stake in two onshore exploration blocks in Australia -- EP457 and EP458 -- covering an area of 10,640 sq km in the highly-prospective central Canning Superbasin in the southwest Kimberley region of Western Australia.
