The journey of Aegis Vopak Terminals Ltd (AVTL), established as a joint venture between Aegis Logistics Limited (Aegis) and Vopak India BV (a part of Royal Vopak), began in July 2021 but, by now, May 2025, it is already aiming for publicly listing at an estimated valuation of over Rs26,000 crore. Aegis, a listed Indian conglomerate providing sourcing, storage, distribution, storage and third-party logistics services in the oil, gas, and chemicals sector, is India’s largest third-party LPG handler and deals with more than 20 per cent of India’s LPG imports, as of 31 December 2024.
Further, Aegis operates a liquid terminal with a storage capacity of 275,000 cu m and owns and operates a 21,000 mt cryogenic LPG terminal, capable of handling a throughput of 1.5 million tonnes (mt) per annum in Mumbai, Maharashtra, again, as of 31 December 2024. (Source: CRISIL Report). Vopak India BV is part of Royal Vopak, a listed company headquartered in the Netherlands and is among the world’s leading tank storage companies, with an experience of over 400 years in the storage industry. It has a network of 77 terminals in 23 countries, with an aggregate storage capacity of about 35.40 million cu m (as of 31 December 2024), along major trade routes.
The company is focussed on storage and handling of gases, such as LPG, in addition to ammonia, as well as liquid products such as crude oil, petroleum, oil and lubricants, chemicals and biofuels, says a CRISIL Report. AVTL is the largest Indian third-party owner and operator of tank storage terminals for liquified petroleum gas (LPG) and liquid products in terms of storage capacity. It owns and operates a network of storage tank terminals having an aggregate storage capacity of about 1.50 million cu m for liquid products and 70,800 tonnes of static capacity for LPG. It offers secure storage facilities and associated infrastructure for liquids such as petroleum, vegetable oil, lubricants and various categories of chemicals and gases, such as LPG (including propane and butane) and has the largest storage capacity in India’s LPG tank storage sector, contributing to about 11.50 per cent of the total national static capacity, informs the report.
In terms of storage of liquid products, it is the largest third-party tank storage company in India, says the report, contributing to about 25.53 per cent of India’s third-party liquid storage capacity. It has a diversified network of terminals spread strategically across five key ports in operation on the western and eastern coast of India. These key ports together handle about 23 per cent of liquid and 61 per cent of total LPG import volumes in India. At these terminals, AVTL owns and operates facilities for different functions including product storage tanks, firefighting facilities, self-owned pipelines connected to jetty, ship loading and unloading infrastructure, as well as infrastructure for product evacuation by ship, rail, road and pipelines.
“Our operations are supported by our promoters, Aegis and Vopak India BV, which provide us a deep understanding of the industry globally,” informs Murad Moledina, non-executive director, AVTL. “We have built on our promoters’ vision of supporting customers in storing and distributing bulk liquids and gases in a safe and sustainable manner, while delivering on project execution. In addition, we are able to leverage their industry experience, client relationships and infrastructure network to grow our operations by diversifying into storage of new gases and products while maintaining cost efficiencies.”
AVTL’s business includes a gas terminal division, which primarily involves storage and handling of LPG (including propane and butane); and a liquid terminal division, which is into storage and handling of liquid products, including petroleum, chemicals and vegetable oils. It handles more than 30 chemicals of various classes and categories, as also more than 10 products of edible oil and non-edible oil category. At present, AVTL owns and operates two LPG storage terminals and 18 liquid storage terminals across Indian ports, where it handles coastal movement of goods, along with imports and exports. Its terminals, located in the ports of Haldia (Bengal), Kochi (Kerala), Mangaluru (Karnataka), Pipavav and Kandla (Gujarat) and Navi Mumbai (JNPA Terminal, Maharashtra), have an aggregate storage capacity of about 1.68 million cu m for liquid products and 70,800 mt of static capacity for LPG.
From the fresh issue of the IPO, AVTL intends to utilise Rs2,015.95 crore towards repayment or pre-payment of all or a portion of certain outstanding borrowings and Rs671.3 crore towards funding capital expenditure towards the contracted acquisition of the cryogenic LPG terminal at Mangaluru.