Veritas, Khaitan advise on Itochu acquisition of Aegis subsidiary stake

Veritas Legal, Khaitan & Co advise on Itochu acquisition of Aegis subsidiary stake

Veritas Legal advised Aegis Logistics, Aegis Gas (LPG) and Hindustan Aegis LPG in Itochu Petroleum’s INR693 million (USD9.4 million) acquisition of a 5.3% stake in Hindustan Aegis LPG.

Khaitan & Co advised Itochu Petroleum, a Singapore subsidiary of Japan’s Itochu Corporation.

Following the deal, which closed on 6 April, Itochu has a 25% stake in Hindustan Aegis LPG, which is developing a liquefied petroleum gas (LPG) import terminal at Haldia port in West Bengal.

Veritas Legal’s team comprised partner Kunal Doshi, senior associate Kanisha Vora, and associates Tanay Chopra and Vritti Shah.

Khaitan & Co’s team comprised partner Gahan Singh, principal associate Jhinook Roy and associate Ketaki Dandiya.

Aegis owns and operates terminals for LPG, petroleum products and chemicals at various locations in India.

The deal follows on from a June 2017 agreement by which Aegis Gas (LPG), its subsidiary Hindustan Aegis LPG, and Itochu Petroleum agreed to Itochu’s US$38.75 million acquisition of a 19.7% stake in Hindustan Aegis LPG that included an option to acquire an additional 5.3% stake.

Itochu and Aegis have been in a joint venture since 2014, when Itochu acquired a 40% stake in Singapore-based Aegis Group International, a subsidiary of BSE and NSE-listed Aegis Logistics.