The Hindu Business Line : Aegis Logistics mulls launch of subsidiary in Singapore

Aegis Logistics proposes to launch a wholly-owned subsidiary in Singapore to pursue opportunities in the field of port infrastructure and to assist in procurement of petroleum products.

A proposal in this regard was approved by the company’s board of directors at a meeting, according to company sources.

Meanwhile, the company has completed the acquisition of Hindustan Aegis LPG’s 20,000-tonne capacity gas terminal as part of its expansion plan in the LPG business.

This follows the Gujarat High Court’s approval to the Demerger Scheme of Hindustan Aegis LPG Ltd’s throughput undertaking and the scheme is effective April 1, 2007.

The company’s board also approved the scheme of arrangement for merger of Tapi Finvest India Pvt Ltd, an investment company of the group into Aegis.

Mr S.K. Hazra, who retires on March 31, as Managing Director, has been appointed as Executive President and Mr Raj K. Chandaria and Mr Anish K. Chandaria as joint managing directors, add the sources.

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