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December 21, 2021

AG&P gets $120m equity investment from Japanese consortium

AG&P City Gas will use the new equity to continue to implement build-out of its 12 city gas distribution networks.

By Archana Rani

Atlantic, Gulf & Pacific International (AG&P), through its City Gas Distribution (CGD) business in India, has received investment of up to $120m.

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AG&P CGD HoldCo SPV3 (Singapore) (AG&P City Gas) received the investment from Japanese consortium Osaka Gas Singapore, an affiliate of Osaka Gas, and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN).

Singapore-based AG&P City Gas is engaged in developing 12 city gas distribution networks in India under the AG&P Pratham brand name.

AG&P City Gas plans to use the new equity to continue to implement build-out of its exclusive concessions in the Asian country.

The investment is also expected to help AG&P in accelerating expansion of its LNG platform and infrastructure development portfolio.

AG&P chairman and CEO Joseph Sigelman said: “The stability and strength of JOIN and the technical and commercial expertise of Osaka Gas and its long history in city gas will accelerate the smart deployment of our network across our concessions in India.

Sigelman said: “Most importantly, this partnership comes at a time when natural gas is being recognized as the critical transition fuel that will have a profound impact on the reduction of carbon, NOX, SOX and particulates which not only contribute to climate change, but also to the ill health of thousands of Indians each year.”

Osaka Gas said that the investment, which marks its entry in the Indian urban gas distribution market, forms part of its overseas expansion plan, according to Reuters.

Osaka Gas Asia Energy Business Department senior general manager Katz Sato said: “With exclusive rights for a vast swath of southern India, roughly equivalent to three-quarters of the area of Japan, these 12 concessions are expected to generate over time a demand of 3.5 billion m3 in gas sales volume, or approximately 50% of Osaka Gas’ recorded gas sales volume last year on a non-consolidated basis.”

This is the second investment received by AG&P City Gas in four months. The first $200m investment was received from I Squared Capital in August.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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