The Gujarat government has received a record dividend of ₹384.67 crore from two state-controlled energy companies — Gujarat Energy Limited (GEL) and GSPL Transmission Limited (GTL) — for the financial year 2025-26, marking the highest single-year dividend payout to the state from any company under its control. The windfall follows a landmark corporate restructuring within the Gujarat State Petroleum Corporation (GSPC) group that substantially increased the government's shareholding in both entities.

The Dividend Breakdown

Of the total ₹384.67 crore, GEL contributed the larger share at ₹324 crore, while GTL paid ₹60.67 crore. The dividend cheques were formally presented to Chief Minister Bhupendra Patel in Gandhinagar by Avantika Singh, Managing Director of GEL and Vice-Chairperson of GTL, on Wednesday, 14 October 2026.

Senior officials in attendance included Energy and Petrochemicals Minister Rushikesh Patel, Minister of State Kaushik Vekariya, Chief Minister's Principal Advisor Hasmukh Adhia, Additional Chief Secretary of Finance T. Natarajan, Principal Secretary of Energy and Petrochemicals Ashwini Kumar, and Principal Secretary to the Chief Minister Sanjeev Kumar.

The Restructuring That Made It Possible

The record payout is a direct consequence of a Scheme of Arrangement within the GSPC group, which came into effect on 1 May 2025 — coinciding with Gujarat Gaurav Diwas. Under the scheme, Gujarat Gas Limited was renamed Gujarat Energy Limited after GSPC was integrated into the company. Separately, the gas transmission business previously operated by Gujarat State Petronet Limited (GSPL) was hived off into the newly formed GSPL Transmission Limited.

The restructuring dramatically altered the state government's equity position. Its stake in what was formerly Gujarat Gas Limited stood at approximately 6 per cent before the scheme; it now holds around 38 per cent in GEL. The government, which previously held no direct shareholding in GTL, now commands approximately 38 per cent in that entity as well. The scheme received clearances from the state government, the boards and shareholders of the respective companies, and the Union Ministry of Corporate Affairs prior to implementation.

A Fourfold Jump Over Three Years

The scale of the shift becomes clear in historical context. Gujarat Gas Limited paid the state government a cumulative dividend of approximately ₹81.55 crore across the three financial years from 2022-23 to 2024-25. GEL alone paid ₹324 crore in 2025-26 — nearly four times the total received over the preceding three years combined.

Manoj Kumar Das, Chief Secretary and Chairman of GEL and GTL, described the payment as 'a historic moment for both GEL and GTL.' Avantika Singh acknowledged that the company's ability to pay dividends had long been constrained by its earlier corporate structure. 'The Scheme of Arrangement has now proved decisive, unlocking the company's true financial potential and creating an opportunity to make a stronger contribution to the State's development and welfare initiatives,' she said.

Implications for Gujarat's State Finances

The Gujarat government expects the enhanced dividend income to supplement its revenue and support development and public welfare spending. This comes at a time when several state governments across India have been actively restructuring public-sector portfolios to improve returns on equity holdings. Notably, the GSPC group restructuring is among the more significant such exercises in the energy sector at the state level in recent years.

With the new shareholding structure now fully operational, the government can expect a more predictable and substantially larger dividend stream from the GEL-GTL combine in future financial years — provided operating performance holds.