Aegis Logistics today said it has acquired Shell Gas (LPG) India and expects the whole acquisition process to be completed in the next 90 days, marking its entry in the cylinder market.
"We have taken over Shell Gas's LPG business," Aegis Logistics Vice-Chairman and Managing Director Raj Chandaria told PTI here today.
This acquisition, Chandaria said "will strengthen our presence in the industrial and commercial segments besides giving us an entry into the cylinder market. With Shell now out of the business, it only makes our position stronger".
However, citing confidentiality clause, he declined to reveal the sum at which the acquisition is being effected.
"The acquisition is being funded through our internal resources-- we have ample liquid resources," Chandaria said.
Post acquisition, Shell Gas (LPG) India will become a 100 per cent subsidiary of Aegis Logistics.
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Shell Gas has been primarily active in Gujarat and Maharashtra and in a smaller way in other regions. "Its two key assets--a terminal at Pipavav Port and a filling plant at Kheda, are of great importance to us," he said.
The terminal has a capacity of 2,700 metric tonnes of gas, he said, adding "this acquisition will considerably beef-up our marketing and importing of LPG."
The company's shares closed today at Rs 185, marginally up over the previous close.