Global Infrastructure Partners (GIP), a UK-based private equity firm backed by Credit Suisse and General Electric along with Delhi-based infrastructure firm Zeus Inframanagement, has acquired 74% in Hyderabad-based East India Petroleum (EIPL), a privately-owned company for around Rs 500 crore. GIP and Zeus Inframanagement have floated a joint venture to acquire 74% stake. GIP, which owns stakes in London City Airport and Great Yarmouth port, will hold an 80% stake in the JV while Zeus Inframanagement will own the rest. EIPL provides liquid storage services for petroleum, oil and lubricant products, petrochemicals, LPG and biodiesel. India is currently experiencing a strong demand for petro-products to fuel its energy needs. East India Petroleum is based close to Visakhapatnam, one of the biggest ports in Andhra Pradesh. The deal also underlines the attractiveness of India’s energy sector to foreign investors. Significant opportunities for growth as energy consumption increases in India and it builds storage capacity in line with global capacity levels. […]