BW Confidence Enterprise Pvt Ltd and Ganesh Benzoplast Ltd to develop LPG Onshore Import Terminal at JNPT

BW Confidence Enterprise Private Limited ("BW Confidence") (50:50 JV of Confidence Petroleum INDIA LIMITED, NSE Code"CONFIPET",BSE Code "526829" & BW VLGC Pet Limited) and Ganesh Benzoplast Limited ("Ganesh Benzoplast", NSE Code "GANESHBE", BSE Code "500153") have signed an Agreement to develop and operate an onshore LPG import terminal at Jawaharlal Nehru Port Trust (JNPT) Port in Mumbai, India. This terminal will be capable of fully offloading the latest fourth generation Very Large Gas Carriers (93,000 cbm) in a single discharge operation and will also have the potential to connect to the Uran Chakan cross-country pipeline to ensure competitive and efficient supply of LPG for the Indian hinterlands market.

India is the most populous country in the world, and the second largest LPG consumer globally. With an LPG penetration rate of over 99 percent for its 1.4 billion people, LPG is an important part of India's cleaner energy mix. LPG can improve the quality of life and reduce environmental impact when it replaces traditional pollutive fuels used for cooking and heating in households. India's LPG terminals, including this investment, are important infrastructures that ensure the supply of LPG in India. When completed, this project will be the largest-capacity cryogenic LPG storage terminal facilities at JNPT Port.

Says Mr Niels Rigault, Executive Vice President (BW LPG) and Chairman of the Board (BW LPG India), "BW LPG is delighted to reaffirm our commitment to India and enhance our ability to bring LPG into the country. Through our subsidiary BW LPG India, we are India's largest owner and operator of Very Large Gas Carriers. Today, we are advancing our growth trajectory in India with a significant investment on shore-side LPG infrastructure as well. We look forward to building on our existing relationships with all customers and stakeholders."

Says Shri Nitin Khara, Chairman of Confidence Group, "At Confidence, we continue to align our LPG business aspirations with the Government's Pradhan Mantri Ujjwala Yojana schemei. With this investment, we strengthen India's energy infrastructure, and ensure we can meet rising demand for green fuel. BW Confidence is proud to contribute towards fostering progress and creating new opportunities for the people of India."

Says Shri Rishi Pilani, Chairman and Managing Director, Ganesh Benzoplast, "With this strategic investment, Ganesh Benzoplast is pleased to be building tomorrow's terminal, today. We look forward to expanding our presence in Mumbai with future-ready infrastructural developments that complement our current capacity, and which will further ensure a reliable and efficient supply of LPG in Mumbai and the Indian hinterlands."

Construction work on the terminal will commence in 1H 2024 and is expected to be fully operational in 2026.

Shares of GANESH BENZOPLAST LTD. was last trading in BSE at Rs. 170.00 as compared to the previous close of Rs. 166.80. The total number of shares traded during the day was 60989 in over 1191 trades.

The stock hit an intraday high of Rs. 173.90 and intraday low of 168.50. The net turnover during the day was Rs. 10497512.00.

Source : Equity Bulls

Keywords

GANESHBENZOPLAST INE388A01029 BWConfidenceEnterprise JV Onshore LPGImportTerminal JNPT Mumbai