Trafigura Group has sold its 24.5 per cent indirect minority interest in downstream energy and petrochemicals company Nayara Energy Limited to Italy’s Hara Capital Sarl.
Hara Capital is a wholly owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding), an energy investment group with a focus on energy and carbon efficiency infrastructure. This follows receipt of all applicable bank and regulatory approvals.
An investment consortium SPV, Kesani Enterprises Company Limited, comprising Trafigura and UCP Investment Group, acquired a 49.13 percent equity interest stake in Nayara Energy in August 2017. Nayara Energy operates the second-largest single site refinery at Vadinar, District Devbhumi Dwarka, Gujarat, with a current capacity of 20 mmtpa, and a significant fuel retail network in India.
Headquartered in Rome, Mareterra Group Holding is predominantly active in Italy, Luxembourg, France, Spain and is expanding its reach to include regions outside of Europe. “As a new shareholder in Nayara Energy, it will bring its strong experience in reducing the carbon footprint of fuel stations, installing electric charging stations and improving energy efficiency at industrial assets. The Group will also support Nayara Energy’s strategy to become a major petrochemical producer,” said a press statement.
“We believe that reducing energy costs is possible in all industries, especially in the context of the energy transition. Nayara Energy is already implementing a number of low-carbon projects, plans to become a major manufacturer of petrochemical products, and is actively developing its network of retail service stations. In this context, we will share our relevant experience with Nayara Energy to strengthen both the technological and environmental leadership of the company in the Indian market,” said Filippo Ghirelli, Founder of Mareterra Group® Holding.
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