European gas and electricity major GDF Suez is keen to join the race for UK based energy major BG's 65% stake in the Gujarat Gas Co, revving up competition for a significant chunk of the India's high growth energy market that continues to lure big international firms.

The Indian market has already attracted global energy major BP, which has acquired 30% stake in Reliance Industries oil and gas blocks for USD 7.2 billion, and set up an equal joint venture with RIL for gas marketing. Also, London listed Vedanta has taken control of Cairn India in USD 8.5 billion deal.

BG, which is already in talks with several bidders, including Germany's E.ON, domestic energy majors and international private equity funds, said it was very pleased with the interest in the stake sale but did not comment on specific bidders.

Sources said GDF was interested in the stake and had already contacted other bidders. A source close to the deal that "GDF Suez is keen to participate in the bidding process and has sent feelers to other companies participating in the bidding process as it is keen to put in a joint bid.”

BG had put its 65% stake in Gujarat Gas on the block last November. Bharat Petroleum, Oil and Natural Gas Corporation, Gujarat State Petroleum Corporation, Adani group, Torrent Power, Germany based EON, and global private equity firms have bid for the stake. Gujarat Gas has a market capitalisation of about 5,000 crore, giving BG's stake a value of about 3,200 crore at current market price.

(Sourced from ET)