SHV group acquires Chevron’s Indian subsidiary
SHV group, a Dutch MNC has acquired 100% shares of Caltex Gas India Pvt Ltd (CGIPL). The wholly owned Indian subsidiary of US based Chevron Group, Caltex Gas India was engaged in import, storage, bottling and marketing of LPG with a turnover of about Rs340 crore.
"The decision to acquire Caltex Gas is a part of SHV’s plans to grow its LPG business in India. It provides us foothold in key LPG markets in the Southern peninsula" said Ajay Kumar – CEO, SHV India. "With this acquisition, we will also expand our geographical presence enabling us to meet the increasing demand from the commercial & industrial segments. We plan to launch innovative products and services in these new markets, thereby creating value for customers", he added.
Through this acquisition, SHV has acquired a LPG import terminal facility at Tuticorin in Tamil Nadu with an annual throughput capacity of 200,000 MT which will strengthen its LPG supplies in the country. With its more than six decades of experience in global LPG markets, SHV is poised towards creating higher value to all its customers.
SHV India, a wholly owned subsidiary of SHV group is present in India since 1996, popularly known by its brand Super Gas. With revenues exceeding Rs650 crore and more than 300 employees, SHV India is engaged in LPG distribution mainly to industrial, commercial, and Auto LPG segments. SHV group has diversified business interests and a combined turnover exceeding Euro 11 billion employing about 38000 people worldwide.