Indian oil, gas, and chemical logistics company Aegis Logistics has bought liquid tank terminals with a capacity of 500 million L at Kandla Port in Gujarat, India, from Friends Group.

Aegis has paid INR 2.65 billion (€31.5 million) for the assets, which will be funded through a combination of internal accruals and debt. The company says that the acquisition fits in well with its ‘necklace of terminals’ strategy, and will strengthen its position in Kandla Port, which handles the most liquids and petroleum, oil and lubricants (POL) traffic in India. Aegis now has a presence in six major ports in India, which between them handle 75% of liquids traffic in the country.

The transaction, subject to statutory approvals and closing conditions, is expected to be completed by June 2022.

(Source: Tank Storage Magazine)