Japan’s Itochu Corporation, through its subsidiary Itochu petroleum Co (Singapore) Pte Ltd, can acquire 19.7 % stake in hindustan Aegis LPG Company Ltd (HALPG), a wholly-owned subsidiary of Aegis logistics limited, with AN investment of Rs 250 crores. HALPG is developing and execution a serious new LPG import terminal project at Haldia Port, West Bengal. The understanding is subject to final agreement and approval by the Board of Aegis logistics Ltd, additionally as customary conditions precedent and traditional regulative approvals.
“This investment within the new Haldia terminal is section two of our venture with Itochu that we tend to established in 2014 to grow our liquefied crude oil gas (LPG) business in Republic of India. The new terminal can expand our presence into the eastern region with AN import capability of up to 2.5 million metric weight unit each year,” aforesaid Anish Chandaria, chief executive officer and director of Aegis.
In September 2014, Aegis logistics, one in all the India’s leading oil, gas, and chemical supplying firms, oversubscribed 40 % stake in its Singapore-based wholly in hand subsidiary, Aegis group International Pte Ltd, to Itochu crude oil Co (Singapore) Pte Ltd for $ 5.85 million. This jv was established to strengthen Aegis Logistics’ competitive position in LPG sourcing, provide and shipping and conjointly to support the corporate in building new LPG import terminal capability within the country.
Itochu Corporation, a Japanese international commerce group specialising in oil & gas, metals and different commodities, that is additionally one among the massive five general trading teams in Japan. Itochu Corporation is one in all the biggest international LPG firms by sales volumes and this investment represents its entry into the building of energy infrastructure in Bharat.
With growth in LPG demand, imports in Republic of India ar expected to soar over the approaching 10 years. The new venture with Itochu Corporation can change Aegis supplying to continue to considerably expand its LPG division. The group will be mistreatment a part of the return, to accelerate its cost programme for succeeding cycle of LPG import terminals when Haldia and to continue building its ‘necklace of terminals’ around Republic of India.
Aegis logistics has 5 distinct however connected business segments, and operates a national network of liquid terminals, LPG terminals, filling plants, pipelines, and gas stations to deliver merchandise and services. Its consumer base includes several leading industrial firms in Republic of India also as stores and customers whom the corporate serve through distributors and Aegis Autogas stations. Aegis group additionally operates internationally through its sourcing and commerce subsidiaries placed in Singapore.