Private Equity Other Private Equity/Strategic Investments
BW LPG to invest $30-M in cylinder maker Confidence Petroleum
Source Reuters (opens in a new tab)Press Release (opens in a new tab)
BW LPG will invest USD 30 million in publicly listed, Nagpur-headquartered Confidence Petroleum India Ltd through preferential allotment of shares, and form a joint venture to develop LPG import infrastructure. Confidence will issue 28.2 million shares to BW VLGC Pte, a Singapore-based unit of the Norway-listed LPG shipper, at INR 88.6 apiece.
Confidence Petroleum manufactures liquefied petroleum gas (LPG) cylinders. The company's segments include cylinder and LPG. The cylinder segment includes production and marketing operations of LPG and compressed natural gas (CNG) cylinders.