Dutch multi-national company SHV Group has bought out Caltex Gas India, the Chennai-based, wholly-owned

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subsidiary of global oil petroleum giant Chevron. The consideration, which would be paid in cash, would be less than Rs 500 crore.

Caltex is involved in the import, storage, bottling and marketing of liquefied petroleum gas (LPG) and has annual turnover of Rs 350 crore. Hyderabad-based SHV India, which owns the brand ‘Super Gas’, is a subsidiary of SHV and has been operating in the domestic market since 1996. With revenues exceeding Rs 650 crore and more than 300 employees on its rolls, the company is engaged in LPG distribution mainly to industrial, commercial and auto LPG segments.

“The decision to acquire Caltex Gas is a part of SHV’s plans to grow its LPG business in India. It provides us foothold in key LPG markets in the Southern peninsula,” company CEO Ajay Kumar said. “We plan to augment our share in the LPG market by opening five more retail outlets,” he added. At present, the demand for auto LPG makes up a measly 2.5 per cent of the total demand of 12 million tonnes.