A consortium of Japanese investors will become strategic minority shareholders of Natural Gas Transition Platform (Platform), a Singapore-based holding company investing in Indian urban gas distribution networks. This is stated in the message of I Squared Capital.
The deal will allow to diversify the Platform's shareholder base and attract additional long-term capital from the consortium members, the message says.
Platform invests in urban "last mile" gas distribution companies, including THINK Gas and AG&P Pratham. These companies are developing urban gas infrastructure in 19 geographical zones with an area of 325 thousand square kilometers and serve more than 85 million people.
The consortium of Japanese investors consists of Osaka Gas, Sumitomo Corporation and Japan Overseas Infrastructure Investment Corporation (JOIN).
Squared Capital is a leading independent global infrastructure investor with $38 billion in assets under management.
Osaka Gas was founded in 1897 and is a major provider of natural gas and energy services, serving 5 million customers in central Japan. The company accounts for about 25% of the total natural gas market in Japan.
Sumitomo, founded in 1919, is a trading and investment company engaged in the exchange of a wide range of goods, services and technologies between different countries and cultures. Sumitomo has natural gas and LNG production facilities, such as gas trading in Europe and North America, with a volume of about 3.8 billion cubic feet per year.
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