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| Exchange Disseminated Time | Aegis Logistics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 19, 2014, has approved the formation of a joint venture (JV) with ITOCHU Petroleum Co., (Singapore) Pte Ltd., a wholly owned subsidiary of ITOCHU Corporation of Japan for its LPG Sourcing Business. To effect this JV, Aegis Logistics Ltd. will enter into certain transaction documents and among other things, sell 40% of its equity ownership in its wholly owned subsidiary, Aegis Group International Pte. Ltd., Singapore, to ITOCHU Petroleum Co., (Singapore) Pte Ltd. for a total consideration of USD 5.85 Million (INR 355.68 Million at current exchange rate). The transaction will be subject to customary conditions precedent including lenders/third party approvals.
Aegis Group International Pte. Ltd. is engaged in sourcing, shipping and supply of LPG to the Indian market. ITOCHU Corporation is one of the largest traders of LPG in the world. |
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