SpiceGas acquires majority stake in Surat-based BND Gas
SpiceGas, a unit of Spice Energy Group, today announced acquisition of a majority stake in Surat-based auto LPG company BND Gas Private Ltd for an undisclosed amount.
By PTI |
NEW DELHI: SpiceGas, a unit of Spice Energy Group, today announced acquisition of a majority stake in Surat-based auto LPG company BND Gas Private Ltd for an undisclosed amount.
"SpiceGas plans to rename the merged entity as SpiceGas Gujarat," a company press release said. It however neither gave details of the shareholding acquired nor the acquisition cost.
SpiceGas CEO Raman Chauhan and BND Gujarat Managing Director Bhavesh Desai signed the agreement in Surat, the release said.
The release quoted Chauhan saying that SpiceGas would embark upon an ambitious nationwide Rs 200 crore project to set up an auto-LPG gas fueling station, beginning in Gujarat and moving to Maharashtra and Madhya Pradesh in the initial stage.
The project would later expand into Tamil Nadu, Kerala and Karnataka. The company would roll out 550 auto-LPG fueling stations.
"SpiceGas plans to rename the merged entity as SpiceGas Gujarat," a company press release said. It however neither gave details of the shareholding acquired nor the acquisition cost.
SpiceGas CEO Raman Chauhan and BND Gujarat Managing Director Bhavesh Desai signed the agreement in Surat, the release said.
The release quoted Chauhan saying that SpiceGas would embark upon an ambitious nationwide Rs 200 crore project to set up an auto-LPG gas fueling station, beginning in Gujarat and moving to Maharashtra and Madhya Pradesh in the initial stage.
The project would later expand into Tamil Nadu, Kerala and Karnataka. The company would roll out 550 auto-LPG fueling stations.
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