Aegis acquires HALPG gas terminal

Also setting up terminal in Haldia

Aegis Logistics Ltd. has acquired the Throughput Activity Undertaking of Hindustan Aegis LPG Ltd. (HALPG), with effect from the appointed date, 1st April 2007 through a scheme of arrangement. Promoted by Vitol S.A., one of the world's largest independent oil and gas trading companies and the K.M. Chandaria Group, HALPG's Throughput Activity Undertaking has a gross asset base of over Rs.100 crores comprising of a 20,000 MT gas terminal and related facilities.

Upon approval of the proposed scheme by the High Court, Aegis will issue to HALPG shareholders one new share of Aegis for every three HALPG shares held. This will increase paid-up capital of Aegis to Rs.19.91 crores (Rs.16.31 crores).

Aegis has also been allotted a suitable plot of land by Haldia Dock, Kolkata Port Trust and it will expand its core business of liquid logistics here. This will mark the third port after Mumbai and Kochi where Aegis will have operations.

The acquisition of the gas terminal is to support the company's rapidly growing retail network of Auto LPG stations (Aegis Autogas) in the country. With increased revenues and profits resulting from higher volumes in gas business, Aegis expects to maintain its EPS on the increased capital base.