Global Infrastructure Partners (GIP), a private equity firm primarily investing in infrastructure assets and businesses, has acquired a 74% stake in East India Petroleum (EIP).
The stake has been made through a joint venture with specialist private equity investor Zeus Infra-management (Zeus).
'EIP is a storage asset well positioned in one of the premier ports in the second fastest growing economy in the world, India,' says Adebayo Ogunlesi, chairman and MD of Global Infrastructure Management.
'EIP also has significant opportunities for growth as energy consumption increases in India and the country builds storage capacity in line with global capacity levels. It is currently expanding its storage capacity, including for biodiesel, and we see significant opportunities for additional expansion in the future.'
EIP, which began operations in 1997, is a privately-owned provider of liquid storage services for petroleum, oil and lubricant products, petrochemicals, LPG and biodiesel. The facility is located in Visakhapatnam in the south eastern Indian state of Andhra Pradesh.
The EIP facility includes 12 storage tanks for petroleum, oil and lubricant products, petrochemicals and biodiesel with a total capacity of 74,000 kiloliters, and three storage spheres for LPG with a total capacity of 8,400 tonnes. EIP handles 100% of the petroleum, oil and lubricant products market at Visakhapatnam.