Osaka Gas, JBIC invest $100 million to take minority stake in AG&P
Japan’s Osaka Gas and JBIC have invested about USD 100 million in AG&P, which recently won a license to retail gas in some Indian cities and has plans to build an LNG import terminal on the east coast. “AGP International Holdings Pte Ltd (AG&P) has received a major equity investment from two Japanese institutions to support AG&P’s success in innovating and disrupting the global natural gas value chain,” the company said in a statement.
Osaka Gas Co Ltd, through its affiliate Osaka Gas Singapore Pte Ltd (Osaka Gas), and the Japan Bank for International Cooperation (JBIC) have invested in “a minority stake in AG&P,” it said without saying the quantum of equity stake picked up by the two. AG&P said the capital will be used to execute multiple initiatives worldwide, including the development and roll-out of its city gas distribution business in India.
