ITOCHU Corporation acquire shares in LPG Import Terminal in India
The ITOCHU Corporation, through its wholly-owned subsidiary, ITOCHU Petroleum Co., has reached an understanding with Aegis Logistics Limited to purchase 19.7% of the shares of Aegis’ wholly-owned subsidiary, Hindustan Aegis LPG Limited (HALPG) for INR 2.5 billion
HALPG is developing a major new LPG import terminal project at Haldia Port, West Bengal, India. The understanding is subject to final agreement and approval by the Board of Aegis, as well as customary conditions precedent and normal regulatory approvals.
Aegis owns and operates receiving terminals for LPG, petroleum products and chemicals at various locations in India, including Mumbai, one of the biggest LPG demand areas in India, and is engaged in terminalling and logistics businesses, and also through Aegis Group International sourcing, shipping and supply of LPG to the Indian market.
In addition to the acquisition of 40% of the shares of AGI in 2014, the company’s first joint venture with Aegis, which supplies more than 1 million metric tons of LPG per annum to Indian LPG market, ITOCHU aims to expand its LPG business more in India by investment in new an LPG import Terminal at Haldia Port.
For more information visit www.itochu.co.jp
5th June 2017