Aegis Logistics to build 52,000 MT propane tank at JNPA; gets Rs 142.5 cr from subsidiary
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Aegis Logistics and its subsidiary Aegis Vopak Terminals (AVTL) signed a Framework Agreement to construct an additional refrigerated double steel wall propane storage tank of 51,998 MT capacity with allied facilities at the JNPA tank farm. Upon execution, the company will receive Rs 142.5 crores from AVTL. After project completion, a separate Asset Transfer Agreement will be executed. AVTL is a subsidiary, so this is a related party transaction done at arm's length basis.
Capacity addition supports future growth in LPG and propane storage business; Rs 142.5 cr inflow strengthens near-term liquidity.