Vopak, Indian Oiltanking interested in East India Petroleum sale
Dutch major Royal Vopak NV is the latest foreign company to show interest in the sale of East India Petroleum. East India Petroleum’s main shareholder, Global Infrastructure Partners (GIP), had appointed Kotak Mahindra Capital to oversee the sale of one of the largest storage service providers for oil and gas on the east coast of India. The sale of the Indian company is part of GIP’s strategy to unlock value of its portfolio investment. Vopak may vie with domestic bidders like Indian Oiltanking for the Rs500 crore (US$101.38 million) deal for GIP’s 74% stake in East India Petroleum which it acquired four years ago. A local firm owns the 26% stake. The primary attraction of East India Petroleum is the location of its facility, which is off the Vishakapatnam port, the largest port in the east coast and the second busiest in the country in terms of volume, after Kandla in Gujarat. (December 7, 2011)