Aegis Logistics has signed definitive agreements to buy assets pertaining to liquid tank terminals with a capacity of 500,000 KL at Kandla port from Friends Group for a total investment of Rs 265 crores through its 100 percent subsidiary. Internal accruals as well as loans will be used to support the transaction.
This acquisition is in line with the Company’s “necklace of terminals” strategy, which it has been pursuing since 2010. This transaction will increase the Company’s footprint in six key ports across India, which handle approximately 75% of India’s total liquids traffic (for the period April-January’22). It will also strengthen Aegis’ foothold in the liquid terminal industry at Kandla port, which handles India’s most liquid and POL traffic.
The completion of transaction is subject to customary closing conditions and necessary approvals from port authorities and statutory authorities and is expected to close by June 2022.
