Aegis Vopak Terminals Limited (AVTL) announced the Board’s approval for the sale of a 10% equity stake (5,000 shares) in its subsidiary, Aegis Terminal (Pipavav) Limited (ATPL), to Itochu Corporation for ₹80.32 crore. Following the sale, AVTL will retain an 86% stake. Additionally, the Board approved assigning the rights to acquire the specialized Ammonia storage terminal at Pipavav Port to ATPL.
Key Board Decisions Announced
The Board of Directors of Aegis Vopak Terminals Limited, in its meeting held on March 26, 2026, approved two significant strategic transactions concerning its subsidiary, Aegis Terminal (Pipavav) Limited (ATPL), and future infrastructure development.
Proposed Sale of Subsidiary Equity Stake
The primary approval involves the proposed sale of a 10% equity stake in ATPL, comprising 5,000 Equity Shares of INR 10/- each, to Itochu Corporation. The aggregate consideration for this divestment is set at INR 80,32,00,000/- (Rupees Eighty Crores and Thirty Two Lakhs Only). Following the completion of this sale, AVTL confirms it will continue to hold a majority stake of 86% (43,000 Equity Shares) in ATPL.
- Buyer: Itochu Corporation.
- Buyer Status: The buyer is not associated with the promoter or promoter group.
- Transaction Status: The agreement is pending execution, with completion expected on or before April 15, 2026.
- ATPL FY 2024-25 Performance: The subsidiary has not yet commenced commercial operations, thus turnover/revenue figures are Nil; the net worth was reported as negative INR 1,98,053/-.
Assignment of Ammonia Terminal Acquisition Rights
The second major approval relates to the assignment of rights concerning the acquisition of a specialized storage facility for Ammonia located at Pipavav Port. Previously, the Company had entered into a Framework Agreement with Aegis Logistics Limited (ALL) to acquire this 36,000 MT static capacity terminal.
The Board has now approved assigning these acquisition rights to ATPL. Subsequent to the project’s completion, a definitive Business Transfer Agreement will be executed directly between ATPL and ALL for the facility.
Meeting Summary
The Board Meeting commenced at 04:30 p.m. and concluded at 05:00 p.m. on the date of the announcement.
Source: BSE
