Maas Capital is the company behind the anticipated $50m investment into BW LPG's Indian subsidiary, and the injection of cash has the shipowner looking ashore.
The EnTrust Global-backed investor took a minority stake in BW LPG India, the owner of the largest India-flagged VLGC fleet, BW LPG announced on Wednesday.
In a statement, BW LPG chief executive Anders Onarheim said the investment could aid the company in LPG infrastructure development.
"We see tremendous potential in the country, and we look forward to seizing opportunities with Maas Capital alongside," Onarheim said.
"This partnership will also allow us to look beyond traditional LPG shipping, and into LPG infrastructure opportunities where we see significant upsides as a first mover."
Earlier this month, Andreas Sohmen-Pao-backed BW LPG said it was in "advanced discussions" with an unnamed investor.
The company said the investment was for $50m and based on second-hand broker valuations of the fleet, but no dollar figure was disclosed in the announcement.
BW LPG now owns 67% of BW LPG India, which has eight VLGCs in its stable.
"We are pleased to partner BW LPG in the fast-growing Indian market for the LPG segment," said Maas Capital head Mark Ras.
"We are ready to support BW LPG India’s ambitious growth strategy, and we see this as a continuation of our aim to invest in quality companies for our maritime portfolio."
For Maas Capital, the investment comes after it chased out of its GriegMass bulker joint venture with Greig Maritime Group.
The company sold its four-ship fleet for over $75m this year as rates in the dry bulk sector shot up.
At the time, Ras told TradeWinds that Maas was still looking for investment opportunities in the dry bulk sector, specifically in small segments.
"The team is there, the portfolio is there and we're expanding it," he said.
The move also follows a subsidy programme for domestic shipowners carrying certain cargoes, LPG among them, for government firms rolled out in July that pays a premium on top of agreed-upon charter rates.
