### **Overview** Aegis Logistics Limited (Aegis) is India’s leading provider of integrated logistics solutions for the oil, gas, and chemical industries. With a strategic focus on building a national "necklace of terminals," the company operates across major Indian ports and is rapidly expanding its infrastructure and distribution networks to support India’s evolving energy transition toward cleaner fuels. Aegis manages the entire **LPG value chain**—from sourcing, terminalling (storage and handling), to distribution across B2B and B2C segments—and has established itself as a dominant player in the liquid and LPG tank terminal space. The company has strategically partnered with global leaders such as **Royal Vopak** (Netherlands) and **ITOCHU Corporation** (Japan), combining local execution strength with international expertise, safety standards, and sourcing capabilities. --- ### **Core Business Segments** 1. **LPG Business (Vertically Integrated & High-Margin)** - Fully integrated value chain: sourcing, storage (terminalling), and distribution. - Distribution commands **higher margin per ton** compared to other segments and leverages existing terminal infrastructure. - Serves multiple end markets: - **Domestic**: 2kg, 4kg, 12kg, 19kg LPG cylinders via **Aegis Chota Cikander** brand in Tier 1–3 cities. - **Commercial & Industrial**: Under **Aegis Puregas** and **Magna** (e.g., 425kg cylinder), targeting hotels, restaurants, and manufacturing clusters. - **Transportation (Autogas)**: 142 multi-fuel stations (as of Jun 2025) offering petrol, diesel, and auto LPG; expanding to 200 stations across 20 states. - **LPG Throughput**: Reached **4.5 million metric tonnes (MMT)** in FY 2024–25, up from 3.3 MMT over the prior two years. Bulk LPG represents ~80% of total volumes. - Propane (LPG) offers a **15–25% price advantage** over natural gas (LNG) for industrial users, enhancing demand especially during peak seasons. 2. **Liquid Terminals & Storage Infrastructure** - Core profit source: **fee-based revenue** from terminalling and handling of petroleum, petrochemicals, chemicals, edible oils, and future low-carbon fuels. - Operates under **Aegis Vopak Terminals Limited (AVTL)**, a 51:49 joint venture with Royal Vopak. - AVTL was **listed on BSE and NSE in June 2025**, marking a milestone in its financial and strategic growth path. - Total liquid storage capacity: ~**1.9 million kiloliters** (as of Feb 2024), with significant expansion underway. - Key ports served: **Kandla, Pipavav, Haldia, Mumbai (JNPT), Mangalore, Kochi**. - AVTL is the **market leader** at multiple ports, with leadership in pricing and volume, driven by strategic acquisitions (e.g., Friends Group’s assets in Kandla). --- ### **Strategic Growth Initiatives** #### **1. Project GATI – Gateway Access to India (Launched Jul 2025)** A comprehensive strategy to position Aegis as the **primary gateway for liquid and gas imports/exports** in India. Goals: - Leverage coastal port infrastructure for **import, export, and coastal logistics**. - Integrate multimodal connectivity (road, rail, pipeline). - Capture growth in India’s rising fossil fuel imports, expected tripling over the next two decades. - Target **$5 billion in Capex by 2030** (up from $1.2 billion projected by end of FY26). #### **2. Infrastructure Expansion (Greenfield & Brownfield)** - **New Capacity Additions (as of Aug 2025):** - **Pipavav Port**: - Added **48,000 MT** of cryogenic LPG capacity (total: 70,800 MT). - 45,000 MT expansion underway, with commissioning expected by FY26. - New liquid berth and rail gantry for evacuation under development. - VLGC-capable upgrades allowing large cargo vessels. - **Kandla Port**: - Total capacity: **970,000 KL (~1 MM metric tons)**; additional 25,000 KL under construction. - LPG bottling plant commissioned; now revenue-generating. - Signed **MoU with L&T** to develop a **green ammonia terminal** at Kandla. - **Mangalore**: - Acquired 44,168 KL specialized terminal (with high-temperature heating capabilities). - Constructing **71,000 KL liquid** and **85,000 MT cryogenic LPG** capacity—both on schedule. - **JNPT (Navi Mumbai)**: - Commissioned greenfield liquid terminal with **101,900 m³** capacity. - Allocated ~30 acres for future development (liquids, LPG, ammonia). - **Kochi**: Acquired and expanded liquid tankage; operating at high utilization. - **Mumbai**: Secured **19,000 m²** land for new liquid tank terminals (~150,000 KL capacity planned; cost: Rs. 250 crores). - **7th Port Expansion in Progress**: Aegis is in the process of expanding to a **seventh port location**, pending land allotment; details pending disclosure. #### **3. Pipeline Integration** - The **Kandla–Gorakhpur Pipeline (KGPL)**, expected to be commissioned by Dec 2024, has a 8.25 MMT annual capacity; **1.5 MMT reserved for Aegis**, enhancing inland reach and logistics efficiency. - Pipavav’s future integration with KGPL will position it as a **major LPG logistics hub**. --- ### **Strategic Partnerships & Collaborations** 1. **Royal Vopak (Netherlands)** - Formed **Aegis Vopak Terminals Limited (AVTL)** in 2021–2022. - AVTL combines Aegis' local dominance with Vopak’s **global best practices in safety, operations, and ESG standards**. - Enables access to international customers (NOCs, MNCs, chemical traders) and pan-India service network. - Positions Aegis for expansion into **LNG, green ammonia, biofuels, and renewable energy storage**. 2. **ITOCHU Corporation (Japan)** - Strategic joint venture in **LPG sourcing** to **achieve cost leadership and deliver lowest landed prices** in India. - ITOCHU, one of the world’s largest LPG traders, enhances Aegis’ access to international markets and vessels. - Aegis has already secured 18 new LPG cargo contracts (Aug 2022), with further bidding planned in collaboration with ITOCHU. --- ### **Competitive Positioning** - **Market Leadership**: - #1 independent tank terminal operator at key ports: Kandla, Pipavav, Haldia, Mumbai, Mangalore, Kochi. - First-mover advantage in commercial LPG retail and industrial scale cylinder solutions. - **Competitors**: NOCs (IOCL, HPCL), SHV Energy, TotalEnergies, Confidence Petroleum. - **Competitive Edge**: - Vertical integration in LPG (sourcing to distribution). - High-capacity terminals with VLGC access, multimodal evacuation (rail, pipeline, barge). - Strong technical expertise in **EPC**, cryogenic storage, and handling of sensitive liquids. - Trusted supplier due to **reliability, quality, and safety standards**—not price-based competition. --- ### **Recent Milestones (2024–2025)** | Date | Achievement | |------|-------------| | **Jun 2025** | Commissioned JNPT greenfield liquid terminal (101,900 m³); expanded Autogas network to 142 stations. | | **Jun 2025** | AVTL listed on BSE/NSE—enhancing visibility and capital access. | | **Aug 2024** | Pipavav loads **1,000+ LPG railway wagons**, receives first **VLGC**. | | **May 2024** | Commissions LPG bottling plants at Pipavav and Kandla. | | **Nov 2024** | Finalizes land for 150,000 KL Mumbai terminal; greenfield JNPT project on track. | | **Jul 2023** | AVTL Kandla LPG terminal boosts industrial LPG demand and throughput. |