20-05-2025
Ganesh Benzoplast issues clarification on JNPT LPG terminal project after BW, CPIL exit
By Aditya Bhagchandani Published on May 20, 2025, 13:43 IST
Ganesh Benzoplast Limited (GBL), one of India's leading independent liquid storage tank operators, has issued an official statement addressing recent developments surrounding its LPG terminal project at JNPT, Mumbai. This clarification comes after its joint venture partners, BW Group and Confidence Petroleum India Limited (CPIL), announced their decision to withdraw from the proposed project.
In a regulatory filing dated May 20, the company stated that the exit by BW Group and CPIL was attributed to 'global economic uncertainties and the increased uncertainty around the situation with tariffs and trade.' GBL, however, reassured stakeholders that discussions are underway with both exiting parties to decide on the next steps.
Despite the setback, the company emphasized its continued 100% ownership of the leasehold rights for the JNPT land parcel and described it as a strategic asset due to its location and versatile potential for development.
'The Company already has several options for profitable business prospects for implementation on the JNPT Land,' the statement said, highlighting the possibility of developing facilities for LPG and other liquid cargo like Carbon Black Feed Stock, Base Oils, and chemicals such as Styrene and Phenol.
Chairman and Managing Director Rishi Pilani commented, 'GBL is uniquely placed due to its expertise in the storage business and managing terminal operations. The JNPT Land offers unique opportunities for the Company's future growth… the Company will take the best decision which maximises profitability and is in the best interest of stakeholders.'
The company said it will continue to keep stakeholders informed on developments related to the project.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
