Singapore's BW LPG to invest $30 mln in JV with Confidence Petroleum India (updated)

BW LPG

30/11/2023 04:13

(Updates with details in paragraph 2-4, share moves in
paragraph 5)
       BENGALURU, Nov 30 (Reuters) - Singapore-based BW LPG
 BWLPG.OL  will invest $30 million in Confidence Petroleum India
 CONF.NS  through preferential allotment of shares, and form a
joint venture to develop LPG import infrastructure, the
companies said on Thursday.
    The Indian liquefied petroleum gas (LPG) cylinder maker will
issue up to 28.2 million shares to BW VLGC Pte, a unit of the
Norway-listed LPG shipper, at 88.6 rupees apiece, an exchange
filing showed on Thursday. 
        Confidence Petroleum will also enter into a joint
venture agreement with BW VLGC to develop LPG-importing
infrastructure. Both companies will have equal ownership in the
newly formed joint venture company, BW Confidence Enterprise
Pvt.
  
        The joint venture will also enter into a further
agreement with liquified storage tank provider Ganesh Benzoplast
 GNSB.NS  for the development and operation of a new LPG onshore
terminal at Jawaharlal Nehru Port Association (JNPA) port in
Mumbai.
        Shares of Confidence Petroleum rose 2% after the
announcement, while Ganesh Benzoplast surged 3.6% in early
trade. 
  
        
  

 (Reporting by Manvi Pant in Bengaluru; Editing by Rashmi Aich
and Eileen Soreng)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))