Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Confidence Petroleum India and Norway-listed BW LPG have joined forces to establish a joint venture named BW Confidence Enterprise. The primary objective of this collaboration is to build LPG storage capacity in India, beginning with a 62,000-tonne facility at JNPT in Mumbai. The venture aims to enhance LPG infrastructure and downstream operations across the country.
BW LPG has invested $30 million (about ₹240 crore) in Confidence Petroleum to acquire an 8.50% stake through preferential allotment. The new joint venture plans to replicate the storage facility model across multiple locations, including Porbandar (Gujarat), Mangaluru (Karnataka), Karaikal (Tamil Nadu), Visakhapatnam (Andhra Pradesh), and Haldia (West Bengal), to ensure a consistent supply of LPG throughout India.
Confidence Petroleum has ambitious investment plans, with a commitment to spending ₹2,000 crore over the next three years across various projects. This fiscal year alone, the company plans a capital expenditure (capex) of ₹400 crore and anticipates investing ₹600 crore in the following financial year.
One of Confidence Petroleum's recent initiatives is the acquisition of 12 acres in Butibori, Nagpur, for manufacturing type-IV CNG cylinders for the automotive sector. These lightweight cylinders, made of High-Density Polyethylene (HDPE) co-polymer, are expected to reduce CNG cylinder weight by 75% and improve fuel efficiency. The production at this facility is scheduled to commence in August. The company is also focusing on expanding its LPG bottling units and CNG fueling stations.
Nithin Khara, Chairman of Confidence Group, stated that BW LPG's investment will strengthen the expansion plans of the company, particularly in the growing LPG market. Confidence Petroleum is making significant strides in meeting LPG demand in the hotels, restaurants, and cafes (HoReCa) segment under the GoGas brand.
Iver Baatvik, Vice President and Head of Corporate Development at BW LPG, highlighted the synergy between Confidence's local strength and BW LPG's international presence as a catalyst for accelerating growth trajectories for both companies.
Also Read : J Kumar infra projects cleared to acquire Pranav Construction for ₹45 cr NMDC to ramp up gold mining in Australia, pre-feasibility studies soon for lithium reserves
Public Sector Undertaking RVNL's order book has touched ₹65,000 crore, 50% of which are railway proj...
Business 19-Feb-2024
✅ India exempted from 26% US tariffs, easing pressure on steel exporters✅ Relief for MSMEs and man...
Business 05-Apr-2025
ArcelorMittal posts $805 million net profit in Q1 2025. Strong steel prices and higher shipments bo...
Business 02-May-2025
In China’s steel industry the total emissions in January-February 2024 surged by 13% compared...
Ferrous 22-Mar-2024
Union Minister G Kishan Reddy awarded Maiki South Mining Private Limited the country's first lithium...
Notification 25-Jun-2024
The United States has granted GlobalFoundries $1.5 bn to bolster domestic semiconductor manufacturin...
US 20-Feb-2024