INDIA: Confidence Petroleum acquires Agwan Coach

Confidence Petroleum India entered into memorandum of understanding for acquiring Mumbai based Agwan Coach, which into the business of providing logistic support to oil companies.

The acquisition of Agwan Coach finds synergy with the existing business of Confidence Petroleum and will increase the strength and support of the bottling business. Agwan Coach will be the subsidiary of the company.

Confidence Petroleum is the flagship company of Nagpur based Rs 250 crore Confidence Group. The group is into the business of LPG cylinder manufacturing, bottling, marketing, blending, auto cylinder manufacturing and auto dispensing.

Andhra Pradesh Government has allotted 10 acre of land in a special economic zones at Visakhapatnam to establish CNG cylinder manufacturing plant to the company.

Hans Gas Appliances, a company being in the process of amalgamation with Confidence has received a work order for LPG filling from BPCL for its Nasik Unit.

At 11:43 am, Confidence Petroleum shares were down 3.57 per cent at Rs 13.50 on BSE.

Source: India Economic Times

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