Confidence Petroleum acquires petro logistics firm

March 13th, 2008 - 3:15 pm ICT by admin  

Mumbai, March 13 (IANS) Nagpur-based petro marketing major Confidence Petroleum India Ltd will take over Mumbai-based petro logistics company Agwan Coach Ltd to get logistics support for its operations. The company told the Bombay Stock Exchange (BSE) Thursday that it has signed a memorandum of understanding (MoU) with the petro logistics company sealing the acquisition.

Confidence Petroleum’s primary aim in the takeover, according to the company, “is to get logistics support from Agwan Coach for the distribution of oil and gas”.

Confidence Petroleum, the flagship of the Rs.2.50 billion Confidence Group, has recently been allotted 10 acres in a Special Economic Zone (SEZ) at Visakhapatanam in Andhra Pradesh to install a second compressed natural gas (CNG) cylinder manufacturing plant.

Moreover, Hans Gas Appliances, which had recently bagged a liquefied petroleum gas (LPG) filling work order from Bharat Petroleum Corporation at its Nashik unit in Maharashtra, is also in the process of merging with Confidence Petroleum.

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