International Finance Corporation (IFC), a member of the World Bank Group, has informed that it plans to acquire 5 percent stake worth Rs 1 - 2 billion (estimated) in GSPC Gas Company, an arm of Gujarat State Petroleum Corporation (GSPC).

The source close to the company said that GSPC Gas is set up with an initial investment of US$ 140 million for laying new pipelines for gas and developing infrastructure needed for gas distribution in Gujrat.

The source further disclosed that the conglomerate may use the IFC fund to partly fund the proposed expenditure.

According to the GSPC officials, IFC is executing due diligence for the acquisition of a stake.

GSPC Gas is supplying to the Natural Gas demands of all the retail segments, which comprise of industrial, commercial, transportation and residential clientele.