Aegis Logistics to Acquire Liquid Tank Terminals at Kandla Port for Total Outlay of Rs265 Crore
03.12.2022 By Ricardo Perez - NEWS

March 11, 2022 [IIFL SECURITIES] – This acquisition fits well with strategy of “necklace of terminals” which the Company has been executing since 2010

 

Aegis Logistics, through its 100% subsidiary, has signed definitive agreements to acquire assets pertaining to liquid tank terminals with capacity of ~500,000 KL at Kandla port from Friends Group for total outlay of ~Rs265 crore. The transaction will be funded through a combination of internal accruals and debt.

As per regulatory filing, this acquisition fits well with strategy of “necklace of terminals” which the Company has been executing since 2010. This transaction will strengthen Company’s presence in six major ports across the country which handles ~75% of the total liquids traffic in India (for period Apr-Jan’22). Further, it will augment Aegis’s presence in liquid terminal business at Kandla port which handles the highest Liquids and POL traffic in India.

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.

At around 11:04 AM, Aegis Logistics was trading at Rs189.35 apiece down by Rs5.4 or 2.77% on the BSE.

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