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Gujarat State Petroleum Corporation Limited
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Registered Details

GUJARAT STATE PETROLEUM CORPORATION LIMITED

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Gujarat ›

Manufacturing of Chemical Products ›

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Updated: 24 Nov 2025

Gujarat State Petroleum Corporation Limited is a oil and gas company engaged in exploration, production, and supply of hydrocarbon resources. It operates in upstream and downstream sectors, offering services such as natural gas distribution, refining, and petrochemical production, contributing to energy security and economic growth in India.

Gujarat State Petroleum Corporation Limited, is an unlisted public company incorporated on 29 January, 1979. It is classified as a State government company and is located in , Gujarat. It's authorized share capital is INR 1,200.00 cr and the total paid-up capital is INR 1,075.65 cr.

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Industry and products

Manufacturing (Metals & Chemicals and their products)

oil and gas

Company size

Auth Capital

₹ 1,200.0 Cr

Paidup Capital

₹ 1,075.7 Cr

Revenue

₹ >5000 cr

Key Metrics

** All rupee values in INR crores. Based on March 2024 numbers.

Total Revenue

-32.87%

₹ 18,710.0

EBITDA

-66.23%

₹ 1,091.3

Net Profit

-58.42%

₹ 1,241.9

Networth

21.11%

₹ 7,180.2

Borrowings

₹ -

Assets

21.61%

₹ 10,170.3

Gross Margin

-5.51

6.8 %

Operating Margin

-5.76

5.9 %

Net Profit Margin

-4.08

6.6 %

Return on Equity

-33.08

17.3 %

ROCE

-177.32

38.5 %

Debt to Equity

0.0

Sales

Mar 2024

Net worth

Mar 2024

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Locations

India (22)

State	Type	Address

Locations on Map

People

Designation	Name	DIN/PAN	Tenure
Director	Manoj Das	06530792	0 years
Director	Gauri Kumar	01585999	1 years
Director	Syed Jawaid Haider	02879522	1 years
Director	Thiruvenkadam Natarajan	00396367	1 years
Director	Vanaja Narayanan Sarna	10419005	2 years
Managing Director	Milind Shivaram Torawane	03632394	3 years

Financial Highlights

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	15,232.4	13,579.8	24,365.0	27,698.3	18,452.7
Operating profit	1,589.8	1,136.1	1,634.2	3,231.9	1,091.3
Net profit	366.4	738.8	1,183.7	2,987.0	1,241.9
Gross margin	11.4	9.1	7.2	12.3	6.8
Operating margin	10.4	8.4	6.7	11.7	5.9
Net margin	2.4	5.4	4.8	10.7	6.6
Networth	1,031.5	1,770.3	2,949.2	5,928.9	7,180.2
Borrowings	5,562.2	4,244.8	3,730.1	-	-
Assets	8,675.9	8,364.1	9,573.8	8,363.3	10,170.3
Debt to equity	5.4	2.4	1.3	0.0	0.0
Current ratio	1.4	1.1	1.4	1.2	1.6
ROE	35.5	41.7	40.1	50.4	17.3
Days payable	19.0	32.0	25.0	26.0	48.0
WC days	20.0	6.0	18.0	7.0	36.0

Margins

Gross margin

Operating margin

Net margin

Balance Sheet

Standalone

Consolidated

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	1,075.7	1,075.7	1,075.7	1,075.7	1,075.7
Reserves	-44.2	694.7	1,873.5	4,853.2	6,104.5
Borrowings +	5,562.2	4,244.8	3,730.1	-	-
Long term borrowings	5,412.5	4,144.8	3,630.1	-	-
Short term borrowings	149.7	100.0	100.0	-	-
Trade payables +	700.4	1,085.7	1,519.4	1,737.5	2,254.8
Days payable	19.0	32.0	25.0	26.0	48.0
Other liabilities +	2,082.2	2,349.0	2,894.5	2,434.4	2,990.2
Other non-current liabilities	256.3	139.3	93.0	105.1	98.3
Other current liabilities	1,125.5	1,124.0	1,282.0	591.8	637.0
Total liabilities	8,675.9	8,364.1	9,573.8	8,363.3	10,170.3
Fixed Assets +	1,253.8	1,225.4	1,080.8	965.1	898.5
Tangible assets	879.2	851.6	895.2	788.5	721.1
CWIP	373.3	372.6	184.6	175.5	176.6
Intangible assets	1.3	1.2	1.0	1.1	0.8
LT loans and advances	7.0	5.4	4.3	3.4	3.5
Other non-current assets	4,591.6	4,586.5	4,366.1	4,551.8	4,574.6
Current assets +	2,823.4	2,546.7	4,122.6	2,842.9	4,693.7
Inventories	99.1	292.3	357.8	462.1	557.5
Trade receivables	818.6	871.0	1,671.7	995.5	1,249.9
Cash and cash equivalents	413.2	184.4	73.0	278.9	1,207.5
ST loans and advances	48.4	57.6	43.5	46.7	51.3
Other current assets	1,444.2	1,141.4	1,976.7	1,059.8	1,627.4
Total assets	8,675.9	8,364.1	9,573.8	8,363.3	10,170.3

Percentage of assets	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	12.4	12.86	11.24	12.86	10.58
Reserves	-0.51	8.31	19.57	58.03	60.02
Borrowings +	64.11	50.75	38.96	0.0	0.0
Long term borrowings	62.39	49.55	37.92	0.0	0.0
Short term borrowings	1.73	1.2	1.04	0.0	0.0
Trade payables	8.07	12.98	15.87	20.78	22.17
Other liabilities +	24.0	28.08	30.23	29.11	29.4
Other non-current liabilities	2.95	1.67	0.97	1.26	0.97
Other current liabilities	12.97	13.44	13.39	7.08	6.26
Total liabilities
Fixed Assets +	14.45	14.65	11.29	11.54	8.84
Tangible assets	10.13	10.18	9.35	9.43	7.09
CWIP	4.3	4.45	1.93	2.1	1.74
Intangible assets	0.01	0.01	0.01	0.01	0.01
LT loans and advances	0.08	0.07	0.05	0.04	0.03
Other non-current assets	52.92	54.84	45.6	54.43	44.98
Current assets +	32.54	30.45	43.06	33.99	46.15
Inventories	1.14	3.49	3.74	5.53	5.48
Trade receivables	9.44	10.41	17.46	11.9	12.29
Cash and cash equivalents	4.76	2.21	0.76	3.34	11.87
ST loans and advances	0.56	0.69	0.45	0.56	0.5
Other current assets	16.65	13.65	20.65	12.67	16.0
Total assets

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	1,073.7	1,073.7	1,073.7	1,073.7	1,073.7
Reserves	3,421.1	7,041.9	10,582.7	15,742.2	18,725.3
Borrowings +	8,716.6	6,338.7	4,567.8	215.8	313.2
Long term borrowings	8,490.0	5,779.0	4,394.7	208.4	41.9
Short term borrowings	226.6	559.6	173.2	7.5	271.3
Trade payables +	893.1	1,331.6	1,756.1	2,161.4	2,647.8
Days payable	21.0	38.0	27.0	28.0	47.0
Other liabilities +	7,399.2	6,559.4	7,050.6	6,823.6	7,264.4
Other non-current liabilities	1,319.7	1,170.3	1,165.7	1,225.4	1,249.7
Other current liabilities	5,186.4	4,057.6	4,128.8	3,436.8	3,366.8
Total liabilities	20,610.5	21,013.7	23,274.8	23,855.3	27,376.5
Fixed Assets +	13,369.7	13,595.3	14,045.1	14,491.5	14,853.5
Tangible assets	11,504.1	11,558.1	11,878.8	12,100.2	12,125.7
CWIP	1,180.1	1,325.3	1,429.2	1,584.0	1,855.8
Intangible assets	685.5	712.0	737.0	807.3	872.0
LT loans and advances	92.7	95.9	100.3	110.0	109.5
Other non-current assets	2,429.0	2,977.3	3,217.2	3,385.3	3,765.3
Current assets +	4,719.2	4,345.1	5,912.1	5,868.6	8,648.2
Inventories	333.2	505.2	660.5	766.9	915.6
Trade receivables	1,345.5	1,681.3	2,577.5	1,925.8	2,170.1
Cash and cash equivalents	1,065.1	563.7	169.6	1,100.0	2,136.8
ST loans and advances	51.8	55.9	50.7	53.5	57.2
Other current assets	1,923.6	1,539.0	2,453.7	2,022.3	3,368.6
Total assets	20,610.5	21,013.7	23,274.8	23,855.3	27,376.5

Percentage of assets	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	5.21	5.11	4.61	4.5	3.92
Reserves	16.6	33.51	45.47	65.99	68.4
Borrowings +	42.29	30.16	19.63	0.9	1.14
Long term borrowings	41.19	27.5	18.88	0.87	0.15
Short term borrowings	1.1	2.66	0.74	0.03	0.99
Trade payables	4.33	6.34	7.55	9.06	9.67
Other liabilities +	35.9	31.22	30.29	28.6	26.53
Other non-current liabilities	6.4	5.57	5.01	5.14	4.56
Other current liabilities	25.16	19.31	17.74	14.41	12.3
Total liabilities
Fixed Assets +	64.87	64.7	60.34	60.75	54.26
Tangible assets	55.82	55.0	51.04	50.72	44.29
CWIP	5.73	6.31	6.14	6.64	6.78
Intangible assets	3.33	3.39	3.17	3.38	3.19
LT loans and advances	0.45	0.46	0.43	0.46	0.4
Other non-current assets	11.79	14.17	13.82	14.19	13.75
Current assets +	22.9	20.68	25.4	24.6	31.59
Inventories	1.62	2.4	2.84	3.21	3.34
Trade receivables	6.53	8.0	11.07	8.07	7.93
Cash and cash equivalents	5.17	2.68	0.73	4.61	7.81
ST loans and advances	0.25	0.27	0.22	0.22	0.21
Other current assets	9.33	7.32	10.54	8.48	12.3
Total assets

Total assets

Profit & Loss

Standalone

Consolidated

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales +	15,232.4	13,579.8	24,365.0	27,698.3	18,452.7
Sales growth %	6.01	-10.85	79.42	13.68	-33.38
Expenses +	14,429.9	12,907.3	23,127.2	24,755.7	17,435.2
Cost of goods	13,495.8	12,346.1	22,615.6	24,290.0	17,198.2
Employee cost	17.5	12.2	13.1	27.1	18.9
Other costs	129.2	85.3	102.0	149.2	144.2
Operating profit +	1,589.8	1,136.1	1,634.2	3,231.9	1,091.3
Operating margin %	10.4	8.4	6.7	11.7	5.9
Other income	115.9	209.4	194.8	174.7	257.3
Interest	650.1	414.0	355.4	248.8	22.0
Depreciation	137.3	49.6	41.1	40.5	51.7
Exceptional items	-552.0	-143.2	-249.0	-130.4	-34.5
Profit before tax	366.4	738.6	1,183.5	2,986.9	1,240.4
Tax	-	-0.1	-0.2	-0.1	-1.5
Profit - disc. ops	-	-	-	-	-
Net profit	366.4	738.8	1,183.7	2,987.0	1,241.9
Net margin %	2.4	5.4	4.8	10.7	6.6

Precentage of total income	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	99.25	98.48	99.21	99.37	98.62
Expenses +	94.02	93.6	94.17	88.82	93.19
Cost of goods	87.93	89.54	92.08	87.15	91.92
Employee cost	0.11	0.09	0.05	0.1	0.1
Other costs	0.84	0.62	0.42	0.54	0.77
Operating profit	10.36	8.24	6.65	11.6	5.83
Other income	0.75	1.52	0.79	0.63	1.38
Interest	4.24	3.0	1.45	0.89	0.12
Depreciation	0.89	0.36	0.17	0.15	0.28
Exceptional items	-3.6	-1.04	-1.01	-0.47	-0.18
Profit before tax	2.39	5.36	4.82	10.72	6.63
Tax	0.0	0.0	0.0	0.0	-0.01
Profit - disc. ops	0.0	0.0	0.0	0.0	0.0
Net profit	2.39	5.36	4.82	10.72	6.64

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales +	21,303.1	19,409.6	30,622.1	36,623.3	27,022.2
Sales growth %	11.45	-8.89	57.77	19.6	-26.22
Expenses +	18,381.1	15,266.2	26,361.6	30,695.1	23,333.8
Cost of goods	15,233.9	12,667.4	23,714.7	27,970.5	20,689.0
Employee cost	271.9	266.1	287.4	320.8	320.6
Other costs	958.4	898.6	1,081.8	1,236.2	1,402.5
Operating profit +	4,838.9	5,577.6	5,538.2	7,095.9	4,610.1
Operating margin %	22.7	28.7	18.1	19.4	17.1
Other income	187.6	264.5	250.7	222.9	335.7
Interest	1,120.5	701.7	516.5	365.9	65.6
Depreciation	796.4	732.4	761.2	801.8	856.0
Exceptional items	-552.0	-154.9	-239.8	-130.4	21.2
Profit before tax	2,557.6	4,253.1	4,271.3	6,020.7	4,045.4
Tax	273.2	639.5	738.9	785.6	743.3
Profit - disc. ops	-	-	-	-	-
Net profit	2,322.2	3,733.3	3,680.2	5,309.8	3,357.0
Net margin %	10.8	19.0	11.9	14.4	12.3

Precentage of total income	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	99.13	98.66	99.19	99.4	98.77
Expenses +	85.53	77.6	85.39	83.31	85.29
Cost of goods	70.89	64.39	76.81	75.91	75.62
Employee cost	1.27	1.35	0.93	0.87	1.17
Other costs	4.46	4.57	3.5	3.35	5.13
Operating profit	22.52	28.35	17.94	19.26	16.85
Other income	0.87	1.34	0.81	0.6	1.23
Interest	5.21	3.57	1.67	0.99	0.24
Depreciation	3.71	3.72	2.47	2.18	3.13
Exceptional items	-2.57	-0.79	-0.78	-0.35	0.08
Profit before tax	11.9	21.62	13.84	16.34	14.79
Tax	1.27	3.25	2.39	2.13	2.72
Profit - disc. ops	0.0	0.0	0.0	0.0	0.0
Net profit	10.81	18.98	11.92	14.41	12.27

Revenue from operations

Ratios

Standalone

Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Solvency +
Total Debt/Equity	5.4	2.4	1.3	0.0	0.0
Net Debt/Equity	5.0	2.3	1.2	0.0	0.0
Total Debt/Assets	0.6	0.5	0.4	0.0	0.0
Total Assets/Equity	8.4	4.7	3.2	1.4	1.4
Liquidity +
Current Ratio	1.4	1.1	1.4	1.2	1.6
Quick Ratio	1.4	1.0	1.3	1.0	1.4
Interest Coverage	2.5	2.7	4.6	13.0	49.6
Performance
Gross Margin	11.4	9.1	7.2	12.3	6.8
Operating Margin	10.4	8.4	6.7	11.7	5.9
Net Margin	2.4	5.4	4.8	10.7	6.6
Return +
Return on Equity	35.5	41.7	40.1	50.4	17.3
Pre-tax ROCE	69.1	74.3	69.2	215.8	38.5
Return on Assets	4.2	8.8	12.4	35.7	12.2
Pre-tax ROIC	23.5	18.6	24.1	53.8	14.5
Efficiency +
Days Payable	19.0	32.0	25.0	26.0	48.0
Days Inventory	3.0	9.0	6.0	7.0	12.0
Days Receivable	20.0	23.0	25.0	13.0	25.0
Fixed Asset Turnover	12.2	11.1	22.5	28.7	20.5
Total Asset Turnover	1.8	1.6	2.5	3.3	1.8
Working Capital
Cash Conversion Cycle	4.0	0.0	6.0	-6.0	-11.0
Working Capital Days	20.0	6.0	18.0	7.0	36.0

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Solvency +
Total Debt/Equity	1.9	0.8	0.4	0.0	0.0
Net Debt/Equity	1.7	0.7	0.4	0.0	0.0
Total Debt/Assets	0.4	0.3	0.2	0.0	0.0
Total Assets/Equity	4.6	2.6	2.0	1.4	1.4
Liquidity +
Current Ratio	0.8	0.7	1.0	1.1	1.4
Quick Ratio	0.7	0.7	0.9	0.9	1.2
Interest Coverage	4.3	8.0	10.7	19.4	70.2
Performance
Gross Margin	28.5	34.7	22.6	23.6	23.4
Operating Margin	22.7	28.7	18.1	19.4	17.1
Net Margin	10.8	19.0	11.9	14.4	12.3
Return +
Return on Equity	51.7	46.0	31.6	31.6	17.0
Pre-tax ROCE	34.3	40.4	34.4	42.7	21.8
Return on Assets	11.3	17.8	15.8	22.3	12.3
Pre-tax ROIC	33.3	34.9	29.8	37.4	19.0
Efficiency +
Days Payable	21.0	38.0	27.0	28.0	47.0
Days Inventory	8.0	15.0	10.0	10.0	16.0
Days Receivable	23.0	32.0	31.0	19.0	29.0
Fixed Asset Turnover	1.6	1.4	2.2	2.5	1.8
Total Asset Turnover	1.0	0.9	1.3	1.5	1.0
Working Capital
Cash Conversion Cycle	10.0	9.0	14.0	1.0	-2.0
Working Capital Days	-27.0	-30.0	-2.0	3.0	32.0

Ratios

Current ratio

Debt/equity ratio

Charges on assets

As per information available, the company has no registered charges.

Company Network

Companies connected through Directors

Name	Status	Paid up Capital	Common Directors	Address
GUJARAT STATE FINANCIAL SERVICES LTD	Active	188.0 Cr	1	Gujarat
GUJARAT GAS LIMITED	Active	137.7 Cr	3
GUJARAT METRO RAIL CORPORATION (GMRC) LIMITED	Active	6,522.8 Cr	1	Gujarat
NARMADA CHEMATUR PETROCHEMICALS LTD	Amalgamated	61.6 Cr	1	Gujarat
GUJARAT STATE INVESTMENT LIMITED	Active	1,042.8 Cr	1	Gujarat
GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED	Active	146.9 Cr	3	Gujarat
GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED	Active	79.7 Cr	3	Gujarat
GUJARAT ALKALIES AND CHEMICALS LIMITED	Active	73.4 Cr	2	Gujarat
TVS SUPPLY CHAIN SOLUTIONS LIMITED	Active	44.1 Cr	1	Tamil Nadu
GCAP WORLD SOFTECH PRIVATE LIMITED	Active	8.0 L	1	Delhi
TVS SUPPLY CHAIN SOLUTIONS LIMITED	Active	44.1 Cr	1	Tamil Nadu
GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED	Active	63.6 Cr	1	Gujarat
GANDHINAGAR RAILWAY AND URBAN DEVELOPMENT CORPORATION LIMITED	Active	30.4 Cr	1	Gujarat
GUJARAT RAIL INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Active	99.0 Cr	1	Gujarat
DAHEJ SEZ LIMITED	Active	46.0 Cr	1	Gujarat
GUJARAT STATE ELECTRICITY CORPORATION LIMITED	Active	3,327.7 Cr	1
GUJARAT URJA VIKAS NIGAM LIMITED	Active	42,749.9 Cr	1	Gujarat
GUJARAT ENERGY TRANSMISSION CORPORATION LIMITED	Active	1,188.2 Cr	1	Gujarat
GSPC PIPAVAV POWER COMPANY LIMITED	Active	861.8 Cr	1	Gujarat
BHAVNAGAR ENERGY COMPANY LIMITED	Amalgamated	1,054.0 Cr	1	Gujarat
GSPL INDIA TRANSCO LIMITED	Active	607.0 Cr	1	Gujarat
PETRONET LNG LIMITED	Active	1,500.0 Cr	1	Delhi
GSPC LNG LIMITED	Active	1,499.0 Cr	2	Gujarat
GUJARAT STATE PETRONET LIMITED	Active	564.2 Cr	3	Gujarat
GUJARAT STATE ENERGY GENERATION LIMITED	Active	661.5 Cr	1	Gujarat
SABARMATI GAS LIMITED	Active	20.0 Cr	1	Gujarat
GUJARAT FIBRE GRID NETWORK LIMITED	Active	10.0 L	1	Gujarat
SURAT INTEGRATED TRANSPORTATION DEVELOPMENT CORPORATION LIMITED	Active	10.0 Cr	1	Gujarat
GUJARAT GAS FINANCIAL SERVICES LIMITED	Amalgamated	2.0 Cr	1	Gujarat
BOROSIL RENEWABLES LIMITED	Active	13.3 Cr	1	Maharashtra
SUBROS LIMITED	Active	13.0 Cr	1	Delhi

Subsidiary Companies

Name	State / Country	Incorporation Year	Paidup Capital
GUJARAT STATE PETRONET LIMITED	Gujarat	1998	₹ 564.2 Cr
GUJ INFO PETRO LIMITED	Gujarat	2001	₹ 8.8 Cr
GSPC PIPAVAV POWER COMPANY LIMITED	Gujarat	2006	₹ 861.8 Cr
GSPC (JPDA) LIMITED	Gujarat	2006	₹ 117.1 Cr
GUJARAT GAS LIMITED		2012	₹ 137.7 Cr
GSPC ENERGY LIMITED	Gujarat	2015	₹ 5.0 L
GSPL INDIA GASNET LIMITED	Gujarat	2011	₹ 1,892.0 Cr
GSPL INDIA TRANSCO LIMITED	Gujarat	2011	₹ 607.0 Cr

Tofler Score

Very Good

Poor

Fair

Good

Very Good

Excellent

Risk

Severe Risk

No risks identified

Moderate Risk

PAYABLES DETERIORATING
REVENUE BELOW AVERAGE

Low Risk

LOW INVENTORY
GROSS MARGINS DETERIORATING
ROCE DETERIORATING
REVENUE DECLINE

About Tofler Score

Tofler Score measures the quality of performance and integrity of a company. It is dependent on three key factors - Sustainability, Governance, and Growth.

CIN

U23209GJ1979SGC003281

PAN

AABCG4502F

Incorporation

1979, 46.9 years

Company Email

reena[at]gspc[dot]in

Paid up Capital

₹ 1,075.7 Cr

Authorised Capital

₹ 1,200.0 Cr

AGM

Sep 2024

Type

Public

State Government Company

FAQ - GUJARAT STATE PETROLEUM CORPORATION LIMITED

What is the incorporation date of GUJARAT STATE PETROLEUM CORPORATION LIMITED?

The incorporation date of GUJARAT STATE PETROLEUM CORPORATION LIMITED is 29 January, 1979

What is the authorized share capital of GUJARAT STATE PETROLEUM CORPORATION LIMITED?

The authorized share capital of GUJARAT STATE PETROLEUM CORPORATION LIMITED is INR ₹ 1,200.0 Cr.

What is the paid-up capital of GUJARAT STATE PETROLEUM CORPORATION LIMITED?

The paid-up capital of GUJARAT STATE PETROLEUM CORPORATION LIMITED is INR ₹ 1,075.7 Cr.

What is the registered address of GUJARAT STATE PETROLEUM CORPORATION LIMITED?

The registered address of GUJARAT STATE PETROLEUM CORPORATION LIMITED is GSPC BHWAN, BEHIND UDYOG BHAWAN, SECTOR-11, GANDHINAGAR, Gujarat, India, 382010 - 382010

What is the CIN number of GUJARAT STATE PETROLEUM CORPORATION LIMITED?

The CIN number of GUJARAT STATE PETROLEUM CORPORATION LIMITED is U23209GJ1979SGC003281.

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GUJARAT STATE PETROLEUM CORPORATION LIMITED

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