Gujarat Energy Limited (GEL), formerly Gujarat Gas Limited, and GSPL Transmission Limited have together paid ₹384.67 crore in dividends to the Government of Gujarat for the financial year 2025-26. The payout includes ₹324 crore from Gujarat Energy Limited, described by the company as the highest dividend paid by a single state public sector undertaking to the state government in one financial year, and ₹60.67 crore from GSPL Transmission Limited.
The dividend payments follow a restructuring of the Gujarat State Petroleum Corporation (GSPC) group of companies through a Scheme of Amalgamation and Arrangement. The scheme received approval from the Government of Gujarat, company boards and shareholders, followed by final regulatory approval from the Ministry of Corporate Affairs. It came into effect on May 1, 2026.
Under the scheme, Gujarat Gas Limited was renamed Gujarat Energy Limited following the amalgamation of GSPC into the company. The gas transmission business previously operated by Gujarat State Petronet Limited (GSPL) was transferred to GSPL Transmission Limited through a demerger.
The restructuring also changed the state government’s direct shareholding in the two companies. Its stake in Gujarat Energy increased from approximately 6% before the scheme to around 38% after the restructuring. The government also acquired an approximately 38% stake in GSPL Transmission Limited, in which it had not previously held shares directly.
The impact of the new structure is reflected in the dividend figures. Between FY23 and FY25, Gujarat Gas paid a total of approximately ₹81.55 crore in dividends to the Government of Gujarat over three financial years. Gujarat Energy Limited has now paid ₹324 crore for FY26 alone. The additional ₹60.67 crore paid by GSPL Transmission Limited brings the combined dividend for the year to ₹384.67 crore.
MK Das, Chief Secretary to the Government of Gujarat and Chairman of both Gujarat Energy and GSPL Transmission, said the record payout marked an important milestone for the two companies. Avantika Singh, IAS, Managing Director of Gujarat Energy and Vice Chairperson of GSPL Transmission, said the earlier corporate structure had limited the companies’ ability to increase dividend payments to the state. She added that the scheme had changed their financial position and created greater scope to contribute to the state’s development.
On October 14, 2026, Avantika Singh presented the dividend payment cheques to Gujarat Chief Minister Bhupendra Bhai Patel. The event was attended by Energy and Petrochemicals Minister Rishikesh Bhai Patel, Minister of State for Energy and Petrochemicals Kaushik Bhai Vekariya and senior government officials. The restructuring brings together changes in corporate ownership, business operations and dividend distribution, with both companies making substantial contributions to the state government for FY26.
