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Vopak's Indian joint venture begins trading on Mumbai stock markets

Dutch tank storage company Vopak announced on Monday that its joint venture in India, Aegis Vopak Terminals has begun trading following its initial public offer.

The group stated that the issue price of the IPO is 235 rupees per share ($2.75 USD), which is at the upper end of the previously-announced price range.

Around 0539 GMT, the shares traded at 238.89 Rupees.

Dick Richelle, CEO of the group, said that this offering "strongly supported Vopak's strategic expansion of our portfolio of industrial and gas terminals".

Vopak said that the transaction would result in a dilution loss of approximately 110 million euros (125.09 millions dollars) which it will record in the second quarter.

Vopak operates terminals in seven Indian port cities and is expecting to reap the benefits of India's dynamic economic growth. There are many other investment opportunities in the country, including the liquefied gas (LPG).

(source: Reuters)