"Confidence Petroleum Widens Footprint in LPG Sector Expansion"

In a significant development, Confidence Petroleum India Limited unveiled key decisions stemming from its board meeting held on November 30, 2023. The board granted approval for a preferential issue of up to 2,82,29,120 equity shares to BW LPG Ltd at ₹88.60 per share, contingent upon the necessary shareholder and regulatory approvals. Additionally, drafts of Share Subscription and Shareholders' Agreements with BW LPG Holding Pte Ltd underwent thorough review.

As part of its expansion strategy, Confidence Petroleum is poised to establish a 50/50 joint venture named "BW Confidence Enterprise Private Limited" with BW VLGC Pte Ltd, with a primary focus on LPG infrastructure development. BW LPG is set to inject $30 million into Confidence Petroleum through preferential allotment, enhancing the financial foundation for collaborative endeavors.

Further cementing its position in the LPG sector, BW Confidence Enterprise Private Limited and Ganesh Benzoplast have entered into an agreement to jointly develop an onshore LPG import terminal at Jawaharlal Nehru Port Trust in Mumbai. The company has scheduled a General Meeting on December 26, 2023, seeking shareholder approval for these strategic initiatives.

Confidence Petroleum underscores the significance of these moves in fortifying its foothold in the LPG industry and aligning with national initiatives such as the Pradhan Mantri Ujjwala Yojana. The company's proactive measures and partnerships are poised to contribute significantly to the growth and development of the LPG sector in India.

HBL