Itochu Petroleum Co, the Singapore-based subsidiary of Japanese trading company Itochu Corporation has announced the acquisition of 19.7% stake in Aegis Logistics' wholly-owned subsidiary, Hindustan Aegis LPG (HALPG), for INR 239 crores (apporximately $37.8m), as reported by Business Standard and VC Circle in May of last year. In addition to India, Itochu Corporation, the Japanese multinational trading group specialising in oil & gas, metals and other commodities, operates LPG import hubs in Japan and the Philippines.

Khaitan & Co advised Itochu Petroleum (Singapore) and was led by partner Gahan Singh, principal associate Anuj Sahay, senior associates Jhinook Roy and Prateek Bhandari along with associate Sagar BM

Hindustan Aegis LPG, a group company of Aegis Logistics, has commissioned and operates a cryogenic facility near Haldia Port in West Bengal for the import, storage, handling and distribution of liquefied petroleum gas with an annual capacity of 2.5m MT per year. It was also reported that the partnership with Itochu Singapore is expected to meet the growing demand for LPG in the country and will help them to accelerate its capital expenditure programme for the next cycle of LPG import terminals after Haldia continuing the plan of building its ‘necklace of terminals’ around India.

The deal closed on 5 January 2018 but was first reported in May 2017.

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

2017-05-31