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Home >Companies >Glencore unit sells 49% stake in Chemoil-Adani to Adani Enterprises

Mumbai: Chemoil Energy Ltd, a subsidiary of commodities trading giant Glencore, said on Tuesday that it had sold its 49% interest in Chemoil-Adani Pte Ltd to its joint-partner Adani Enterprises Ltd for an undisclosed amount.

Chemoil-Adani Pte Ltd was a bunker (ship fuel) supplier jointly owned by Chemoil Energy and Adani Enterprises that supplied bunker fuel to vessels in Mundra port and other Indian ports including Kandla, Jamnagar, Vadinar, Hazira, Dahej, and Goa.

Chemoil will no longer be associated with the business and the business will now be renamed Adani Bunkering Pvt Ltd, the two companies said in a joint statement.

Chemoil Energy is a natural resource company and a major producer and marketer of over 90 commodities.

“Both parties now feel that the time is right to separately pursue their own strategies in this important and rapidly growing market. Glencore and the Adani group have a long and successful association in a number of businesses around the world, and will continue to do so where they see shared opportunities," a joint spokesperson for the two companies said in the statement.

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