SINGAPORE: BW LPG Limited announced that Maas Capital Shipping B.V. has entered into an agreement to acquire a minority stake in BW LPG India, a subsidiary of the company.
Following this transaction, BW LPG will own approximately 67% in BW LPG India.
BW LPG India is the largest owner and operator of India-flagged Very Large Gas Carriers (VLGCs). The fleet comprises eight modern VLGCs which are maintained to world-class standards. The fleet is technically managed by Synergy Group, and commercially and operationally managed by Synergy Group and BW LPG. This arrangement allows BW LPG India to tap on the international expertise of the Company, while remaining committed to investing locally in India.
Anders Onarheim, CEO of BW LPG says, “On behalf of the team, we warmly welcome Maas Capital onboard BW LPG India. We see tremendous potential in the country, and we look forward to seizing opportunities with Maas Capital alongside. This partnership will also allow us to look beyond traditional LPG shipping, and into LPG infrastructure opportunities where we see significant upsides as a first mover”.
Mark Ras, Head of Maas Capital says, “We are pleased to partner BW LPG in the fast-growing Indian market for the LPG segment. We are ready to support BW LPG India’s ambitious growth strategy, and we see this as a continuation of our aim to invest in quality companies for our maritime portfolio”.
Maas Capital is one of the world’s leading institutional shipping equity investors. Its portfolio includes controlling and non-controlling stakes in shipping, intermodal and offshore services related assets.
DNB Markets and Pareto Securities are acting as financial advisors to BW LPG and Watson Farley & Williams is acting as legal advisor to Maas Capital on this transaction.