By: ICN Bureau
Last updated : April 16, 2024 8:32 am
The Target Company has investments in THINK Gas
Sumitomo Corporation will be entering the city gas business in India by making a primary investment in AG&P LNG Marketing Pte. Ltd. through a Japanese consortium comprising a new SPC to be formed together with the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development and Osaka Gas Singapore Pte. Ltd., a subsidiary of Osaka Gas Co., Ltd.
The Target Company has investments in THINK Gas, which holds 7 GAs mainly in north-central India, and has investments in AG&P Pratham, which holds 12 GAs mainly in southern India. THINK Gas and AG&P Pratham have a total business area of approximately 325,000 km2 (Note 3), equivalent to around 90% of Japan’s land mass. The Target Company will continue to invest in developing CGD infrastructure (CNG stations, household connections, steel and MDPE pipelines) with a view to increase the sale of natural gas and help in the transition of India into a gas based economy.
The other investors in the Target Company will be the Funds managed by I Squared Capital, an independent global infrastructure investment manager focusing on energy, utilities, telecom and transport in the Americas, Europe and Asia, Osaka Gas, which operates a wide range of city gas businesses in Japan as well as India and other overseas locations, and JOIN, an infrastructure fund that supports Japanese companies engaged in infrastructure projects abroad by leveraging Japanese knowledge, technology, and experience.
Sumitomo Corporation Group will contribute to LNG procurement, advanced inventory management, and sales expansion for commercial and industrial use by leveraging its accumulated knowledge and experience in various businesses inside and outside Japan.