The earlier announced partnership Aegis Vopak Terminals Ltd has been successfully completed.

 

Aegis Vopak Terminals will become the largest independent tank storage company for LPG and chemicals in India. LPG is earmarked by the Indian government to provide cleaner and safer cooking fuels for households. Since the announcement in July 2021, 3 additional terminals with an additional capacity of 490 thousand cbm are being included in the partnership. The partnership operates a network of 11 terminals that are located in five strategic ports along the east and west coast of India with a total capacity of approximately 1.5 million cbm.

 

The joint venture is well positioned for further growth, which targets mainly LPG but also chemicals, LNG and industrial terminal opportunities.

 

“This joint venture with Vopak will accelerate the growth of Aegis in the terminals business and has the potential to allow Aegis to diversify into new areas of gas storage such as LNG and other energy projects including renewables in partnership with the world’s leading independent tank storage company. We expect the deal to be significantly earnings enhancing for Aegis shareholders due to the deployment into growth opportunities of the combined financial firepower of the two groups and management in the terminals business.” said Raj Chandaria, Chairman of Aegis Logistics Ltd. 

 

"This is an investment in a growth market and by joining forces with Aegis we aim to deliver growth over the next ten years in line with the new joint ventures’ and India’s ambition for LPG.” said Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak. “We are very excited for this new partnership. Aegis is a reputed local partner with a ready organization and proven track record of conceiving and executing tank farm assets in strategic locations along the Indian coastline."