Royal Vopak in race to buy East India Petroleum from GIP

Dutch fuel tank terminal operator Royal Vopak NV is in the race to acquire East India Petroleum Ltd (EIPL), one of the largest oil and gas storage service providers in India, after its main shareholder, US investment fund Global Infrastructure Partners (GIP), put it up for sale, The Times of India today reported.

GIP, which is seeking Rs500 crore from for its 74-per cent stake, had appointed Kotak Mahindra Capital to conduct the auction, which has already drawn interest from international and domestic bidders like Indian Oiltanking.

Navi Mumbai-based Indian Oiltanking, founded in 1997, is a joint venture between Indian Oil and Hamburg, Germany-based Oiltanking GmbH.

In October 2007, GIP, a Connecticut-based infrastructure sector focused private equity firm backed by Credit Suisse and General Electric, had acquired its stake through a joint venture with Delhi-based private equity fund Zeus Infra-Management, which owns the remaining 26 per cent.

GIP, which owns stakes in London City and Gatwick airports, also holds a 25-per cent interest in Chennai Container Terminal Pvt Ltd.

Rotterdam, the Netherlands–based Vopak, is the world's leading independent provider of conditioned storage facilities for bulk liquids. It operates in 31 countries worldwide, offering storage and transshipment solutions at 83 terminals on all continents that connect the world's major shipping lanes.