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Aegis Logistics, Royal Vopak to form JV for LPG and chemical terminals in India

Tuesday, 13 Jul 2021
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Aegis Logistics and Royal Vopak of the Netherlands have decided to join forces in India with the aim to grow together in the LPG, chemicals storage and handling business.
 
The new partnership, Aegis Vopak Terminals (AVTL), will operate a network of terminals that are currently located in five strategic ports along the east and west coast of India. 
 
With a total capacity of around 9,60,000 cu mtr, the partnership will become one of the largest independent tank storage companies for LPG and chemicals in India. LPG is earmarked by the Indian government to provide cleaner and safe cooking fuels for households.
 
The partnership is well positioned for further growth, which targets mainly LPG and also chemicals and industrial terminal opportunities. This investment is another step for Royal Vopak towards its strategy to allocate capital to grow in gas markets. 
 
This joint venture with Royal Vopak will accelerate the growth of Aegis Logistics in the terminals business and has the potential to allow Aegis Logistics to diversify into new areas of gas storage such as LNG and other energy projects including renewables, in partnership with the independent tank storage company. 
 
The transaction is expected to close early 2022, subject to customary closing conditions. 
 
This transaction entails two separate legal entities that Vopak will simultaneously buy on the basis of joint control:
 
AVTL is an entity in which Royal Vopak will acquire 49 percent shareholding. Royal Vopak 's existing CRL terminal entity in Kandla will become a wholly-owned subsidiary of Aegis Vopak Terminals. 
 
Aegis Logistics’ network of terminal assets at five different locations in Kandla, Pipavav, Mangaluru, Kochi and Haldia covering the west and east coast of India will be added to the JV asset base.
 
Vopak will acquire 24 percent shareholding in the Hindustan Aegis LPG entity. This is currently a joint venture between Aegis and Itochu. After the transaction, Aegis will own 51 percent and Itochu will continue to hold 25 percent. 
 
Aegis will continue to retain 100 percent ownership of its Mumbai Liquid and LPG terminals and its LPG retailing business.
 
The enterprise value for Vopak’s shareholding in the joint ventures will amount to EUR 200 million. In addition to a net consideration at closing of EUR 115 million, Vopak and Aegis have agreed the following -- a payment of a minimum EUR 18 million and up to a maximum of EUR 40 million payable to Aegis via a call and/or put option in 2025. 
 
Aegis will receive a total gross pre-tax cash proceeds from the sale of up to Rs 2,766 crore. 
 
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