Mar 13, 2008

Confidence Petroleum - Updates

Confidence Petroleum India Ltd has informed about the Plan of Company's Expansion Programme, as under :

1. Confidence Petroleum India Ltd, the flagship Company of Nagpur based Rs 250 Crore Confidence Group, involved in the business of LPG Cylinder manufacturing, LPG Bottling, LPG Marketing, LPG Blending, Auto LPG Cylinder Manufacturing & Auto LPG Dispensing for more than a decade has entered into a MOU for taking over Mumbai based Petro Logistic Company Agwan Coach Pvt Ltd. The acquisition of Agwan Coach finds synergy with the existing business of Confidence Petroleum and will increase the strength and support the bottling business of the Company.

2. Agwan Coach Pvt Ltd is in the business of providing logistic support to oil companies from the last 14 yrs. Agwan Coach will be 100% subsidiary of the Company.

3. Andhra Pradesh State Govt. has allotted 10 acre of land in a SEZ at Visakhapatnam to establish a second CNG cylinder manufacturing plant to the Company.

4. Hans Gas Appliances Pvt Ltd., a Company being in the process of amalgamation with the Company has received a work order for LPG filling from BPCL for its Nasik Unit.