AG&P in talks to buy 70% in India's H-Energy: Press
Singapore-based AG&P is in talks to buy a 70% stake in Mumbai-based H-Energy, according to a report published by Economic Times on April 17.
AG&P is close to picking up the stake in H-Energy and one of its subsidiaries, while Darshan Hiranandani, CEO and managing director of H-Energy, will retain 30% interest, the newspaper reported.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
“AG&P plans to buy 70% in H-Energy and one of its subsidiaries as it is looking to expand its LNG and CNG operations in India,” a source told Economic Times.
The transaction value is expected to be a fraction of the initial investment as H-Energy has not been able to complete its planned projects. The company has planned to develop LNG import terminals on India’s east and west coasts. However, it has been able to build only two assets – the 56-km regasified LNG pipeline from Jaigarh Port in the western state of Maharashtra to Dhabol and a jetty at Jaigarh Port.
AG&P recently told NGW that it expects to have more than 300 CNG stations in India by the end of 2023. AG&P City Gas, a unit of AG&P, is developing 12 city gas distribution networks in India under the brand name AG&P Pratham. In its 12 concessions, AG&P is responsible for developing and operating CNG stations for vehicles, piped gas to homes, and the distribution of LNG to industrial and commercial customers.
The company was planning to build a 1mn metric ton/year LNG import terminal at Karaikal in south India but is now looking for an alternate site for a bigger 5mn mt/yr terminal.