A joint venture to build LPG import infrastructure will be formed by Singapore-based BW LPG and Confidence Petroleum India to spend $30 million through preferential share allocation. 

In an exchange filing on Thursday, it was revealed that the Indian manufacturer of liquefied petroleum gas (LPG) cylinders would be issuing up to 28.2 million shares at 88.6 rupees each to BW VLGC Pte, a division of the LPG shipper listed on the Norwegian markets.

Confidence Petroleum will also enter into a joint venture agreement with BW VLGC to develop LPG-importing infrastructure. Both companies will have equal ownership in the newly formed joint venture company, BW Confidence Enterprise Pvt.

The joint venture will also enter into a further agreement with liquified storage tank provider Ganesh Benzoplast (GNSB.NS) for the development and operation of a new LPG onshore terminal at Jawaharlal Nehru Port Association (JNPA) port in Mumbai.