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Confidence Petroleum Takes Over Sneha Petroleum
(RTTNews) - Confidence Petroleum India Ltd.. or CPIL, said it took over Bengaluru-based Sneha Petroleum for undisclosed sum.
Sneha Petroleum provides services like LPG bottling, LPG storage facility, DPT work for Bharat Petroleum, besides marketing its own brand "Agni" in Bengaluru and Karnataka market for industrial and commercial segment.
With this acquisition, Confidence Petroleum foresee a bright future having captured the independent established market of Southern region.
The acquisition will benefit CPIL in a significant manner by way of feeding market of auto LPG, industrial LPG, LPG bottling assistance and DPT business in the Southern region.
The company said the acquisition would also help in saving huge amount on part of storage of LPG required to feed its ALDS stations in Karnataka, Tamil Nadu, Andhra and nearby markets.
At the BSE, Confidence Petroleum share are now trading at Rs.15.63, up by 4.34% from the previous close.
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