Netherlands-based company Royal Vopak N.V. that stores and handles various oil and natural gas-related products has acquired 100 per cent stake in Indian company CRL Terminals Pvt Ltd for Rs 278 crore ($61.8 million).
The acquired company will be renamed as Vopak Terminal Kandla and shall provide storage and handling services to domestic and international customers to transport products to India.
“India is seeing rapid growth in the production and consumption of petrochemicals and vegetable oils. The acquired storage terminal in Kandla port is very well positioned to support the logistic product flows resulting from this growth,” Eelco Hoekstra, chairman of Vopak’s executive board said.
CRL Terminals founded by Navneet M Shah has a storage facility for chemicals and vegetable oils with a total capacity of 261,600 million cu. m. The port is located on the west coast of India in Kandla and consists of 121 tanks with connections to 5 shared jetties owned and operated by the port of Kandla.
Vopak operates 80 terminals with a storage capacity of 25.6 million cu. m in 31 countries, including the terminal acquired in India. Dutch investment firm HAL Holding owns about 47 per cent of Vopak.