I Squared Capital Invests in AG&P City Gas
I Squared Capital, through its ISQ Global Infrastructure Fund III and ISQ Growth Markets Infrastructure Fund, has invested approximately US$200 million as a first tranche of a US$300 million equity raise in AG&P City Gas. AG&P City Gas is a Singapore-based company that is developing twelve city gas distribution networks, or concessions, in India under the brand name AG&P Pratham, across 280,000 square kilometers, an area approximately the size of Italy. AG&P City Gas was previously owned wholly by the Atlantic, Gulf & Pacific Group (AG&P), a Singapore-based downstream LNG business.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210822005034/en/
In its twelve concessions, AG&P City Gas is responsible for developing and operating Compressed Natural Gas (CNG) stations for vehicles, piped natural gas to homes, and the distribution of Liquid Natural Gas (LNG) to industrial and commercial customers. City gas projects benefit from marketing exclusivity in their designated areas for eight to ten years and construction exclusivity of related infrastructure for 25 years.
“Along with AG&P, I Squared Capital was one of the early foreign institutional investors in the Indian city gas sector and is committed to helping the country achieve its target of having 15 percent of natural gas in its primary energy mix by 2030. We plan to deploy up to $1.3 billion in Capex to build out the distribution networks,” noted Gautam Bhandari, Managing Partner at I Squared Capital. “Natural gas is one of the cleanest hydrocarbons and an important part of the energy transition to lower greenhouse gas emissions. Over the next 25 years, the concessions have the potential to reduce CO2 up to 37 million tons by displacing fuels such as diesel, petrol, liquified petroleum gas, coal, and heavy fuel oil. Using natural gas for cooking also reduces indoor pollution, which is a leading cause of lung diseases in India.”
“AG&P is privileged to partner with I Squared Capital to expedite the roll-out of these vital gas networks being developed in India by AG&P City Gas. Over the coming years, the AG&P City Gas network will continue to grow to serve millions of customers in their homes with clean, affordable, safe fuel as India’s middle-class advances in size and purchasing power. AG&P City Gas will simultaneously continue to build 1,500 CNG stations so that cars, taxis, and buses can transition seamlessly to run on clean fuel. AG&P City Gas will give the opportunity for small and large local companies to use cleaner and more affordable natural gas, mostly for the first time, a big competitive advantage for the Government of India’s ambitious Atmanirbhar (self-reliant) India program,” commented Joseph Sigelman, Chairman and CEO, AG&P Group. “I Squared Capital, which has extensive experience in this area and a robust management system, is a great partner for us.”
“The transaction builds upon I Squared Capital’s experience in developing city gas infrastructure in India through its THINK Gas platform. The concessions cover some of the fastest growing cities in India such as Jodhpur, Kanchipuram (including what is Southern Chennai), Mysore and Thiruvananthapuram (otherwise known as Trivandrum). AG&P City Gas and THINK Gas are geographically complementary and will operate as independent companies with separate management teams,” said Harsh Agrawal, Partner at I Squared Capital based in Singapore. “These two companies form one of the largest private city gas portfolios in India with eighteen concessions serving approximately 85 million people across nine states with a planned capital expenditure of over $1.3 billion for AG&P City Gas. I Squared Capital will employ the same global best practices and smart technologies that we used for the rapid and successful development of our THINK Gas platform over the last four years.”
“We see AG&P City Gas as playing a critical role for India. Transitioning to natural gas will reduce pollution and foster a healthier environment for all of us, including our children, while supporting our growing manufacturing base by creating jobs,” said Abhilesh Gupta, Managing Director, AG&P City Gas. “We have a lot to do and look forward to working with the team at I Squared Capital in this mission.”
About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on utilities, digital infrastructure, transport, energy, and social infrastructure in North America, Europe, Latin America, and Asia. Headquartered in Miami, the firm also has offices in Hong Kong, London, New Delhi, and Singapore.
About AG&P Group: Atlantic Gulf & Pacific (AG&P) develops LNG import and regasification facilities as well as downstream city gas networks. AG&P also provides engineering and project management services for LNG and other infrastructure. AG&P is part-owned by Osaka Gas, JBIC (the Japan Bank of International Cooperation) and Asiya, a publicly-traded Kuwait fund, as well as its management.
About AG&P City Gas: Operating under the brand of AG&P Pratham, AG&P City Gas is one of the largest private City Gas Distribution (CGD) companies in India. The company is developing CGD networks across 12 concessions in the Indian states of Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka. and Kerala.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Managing Director and Head of Investor Relations, I Squared Capital
+1 (786) 693-5739
SVP, Strategic Services, AG&P Group
+63 (998) 966 5444
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Wipro Announces Co-innovation Space with Google Cloud17.9.2021 15:32:00 CEST | Press release
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced the launch of the Wipro-Google Cloud Innovation Arena in Bangalore, India. This cloud collaboration space will provide in-house technical expertise, ensure seamless cloud adoption, and accelerate innovation to drive business transformation for customers. By combining the expertise and resources of Wipro FullStride Cloud Services and Google Cloud, this jointly developed innovation center will offer a unique combination of people, processes, and platforms that will collectively create a futuristic experience for customers globally. This state-of-the-art arena will showcase the talent, tools and best practices required to develop and deploy applications on Google Cloud. Jason Eichenholz, Senior Vice President, Global Head of Ecosystems & Partnerships, Wipro Limited said, “We are excited to strengthen our partnership with Google Clou
Zynga Announces ReVamp, the First Multiplayer Social Deception Game For Snapchat17.9.2021 15:00:00 CEST | Press release
Zynga Inc. (Nasdaq: ZNGA), a global leader in interactive entertainment, announced today that ReVamp, an upcoming multiplayer social deception game, will launch soon in select markets exclusively for Snapchat. The vampire-themed game will be the first social deception title on Snapchat, giving Snapchatters their first chance to sink their teeth into this popular genre. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210917005012/en/ Zynga Announces ReVamp, the First Multiplayer Social Deception Game For Snapchat (Graphic: Business Wire) ReVamp is a real-time multiplayer imposter game where players aim to reveal who the vampire player is among their group of friends while they renovate the rooms of an old mansion. In the game, human players must complete renovation tasks, such as demolition and building, to improve their chances of survival while identifying and defeating the vampire during the voting phase. Vampire players mu
BeiGene Receives Positive CHMP Opinion for BRUKINSA ® (Zanubrutinib) for the Treatment of Adults with Waldenström’s Macroglobulinemia17.9.2021 14:00:00 CEST | Press release
BeiGene (NASDAQ: BGNE; HKEX: 06160) today announced the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion, recommending approval of BRUKINSA (zanubrutinib) for the treatment of adult patients with Waldenström’s macroglobulinemia (WM) who have received at least one prior therapy or first-line treatment for patients unsuitable for chemo-immunotherapy. “Bruton’s tyrosine kinase (BTK) inhibitors have emerged as a promising treatment for WM, yet treatment discontinuation due to lack of response or side effects remains a concern,” said Prof. Christian Buske, Medical Director at the University Hospital Ulm, Germany, and a trial investigator of the ASPEN study. “The ASPEN trial demonstrated that BRUKINSA provided deep and durable responses and offered substantial improvements in safety and tolerability over standard therapy. Patients in Europe with WM may soon have a new treatment option that can offer improved outcomes.
Janssen Receives Positive CHMP Opinion for BYANNLI ® (6-monthly Paliperidone Palmitate) for the Maintenance Treatment of Schizophrenia in Adults17.9.2021 12:50:00 CEST | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson announced today that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a Positive Opinion recommending the long-acting atypical antipsychotic therapy BYANNLI® (6-monthly paliperidone palmitate; PP6M) for the maintenance treatment of schizophrenia in adult patients who are clinically stable on 1-monthly paliperidone palmitate (PP1M)2 or 3-monthly paliperidone palmitate (PP3M).3 If approved by the European Commission, PP6M will provide the first twice-yearly treatment for adults living with schizophrenia and longest available dosing interval for an antipsychotic medication in the European Economic Area.1,4 “With only two injections per year, 6-monthly paliperidone palmitate has the potential to reduce the burden of taking medication frequently, giving eligible patients the opportunity to focus on other aspects of their life,” said Ludovic de Beaucoudrey, Ph.D., EMEA Therape
Henkel, Dow, Bayer, AB InBev, Zebra Technologies and Others to Chart Future of Supply Chain Visibility in Europe at FourKites Visibility 202117.9.2021 12:30:00 CEST | Press release
FourKites®, the world’s leading real-time supply chain visibility platform, today announced that its European customer conference, Visibility 2021, will be held virtually on 7 October. The theme of this year’s conference, “Go Beyond,” presents a bold vision for supply chains of the future, centered around automation, innovation and collaboration. Supply chain leaders from across Europe have the opportunity to network, share best practices and insights, and collaborate on FourKites’ product roadmap during the world’s largest virtual supply chain summit. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210917005213/en/ FourKites®, the world’s leading real-time supply chain visibility platform, today announced that its European customer conference, Visibility 2021, will be held virtually on 7 October. “FourKites' Visibility conference is exactly what the industry needs right now,” says Roy van der Heijden, Business Analyst at Int
Panasonic Completes Acquisition of Blue Yonder17.9.2021 09:00:00 CEST | Press release
Panasonic Corporation announced today that it has completed the acquisition of Blue Yonder, the leading end-to-end, digital fulfillment platform provider. Panasonic has now purchased the remaining 80% of shares of Blue Yonder, adding to the 20% which Panasonic acquired in July 2020. The investment values Blue Yonder at USD8.5 billion. Since Panasonic’s announcement to acquire all shares on April 23, 2021, the acquisition has completed antitrust clearance procedures and received approval of regulatory authorities in the U.S. and other countries. The acquisition accelerates Panasonic’s and Blue Yonder’s shared vision for an Autonomous Supply Chain™. By unifying Panasonic’s sensing technologies and edge devices with Blue Yonder’s AI/ML-powered planning, execution and commerce solutions, companies can create smarter and more connected e-commerce strategies, retail stores, warehouses, transportation, and workplaces. This unique end-to-end offering provides customers with unlimited visibilit
IFF Appoints Glenn Richter as Executive Vice President and Chief Financial Officer16.9.2021 22:15:00 CEST | Press release
IFF (NYSE: IFF) today announced that Glenn Richter, an accomplished financial executive with nearly three decades of experience overseeing finance and corporate strategy for multinational companies, has been appointed Executive Vice President and Chief Financial Officer, effective September 27, 2021. Mr. Richter was most recently Chief Financial Officer of TIAA, a leading global provider of financial services with $1.3 trillion in assets under management. He succeeds Rustom Jilla, who will be leaving the Company following a period of transition. With this appointment, Mr. Richter becomes a member of IFF’s Executive Committee and will be based in the Company’s New York City headquarters. “We are delighted to welcome Glenn to our leadership team. His experience leading large, global finance departments, implementing multi-year strategic productivity initiatives and managing transformative integrations will be a tremendous asset to our team,” said Andreas Fibig, Chairman and Chief Executi