# India's VLGC acquisition drive

> Live situation record from CLSTR: https://clstr.news/situations/indias-vlgc-acquisition-drive
> Updated: 2026-07-31T09:01:29.000Z. Sources: 6. Developments: 2.

In late July 2026 Indian Oil Corp launched a tender for a 50 % stake in VLGCs to secure dedicated vessels for U.S. LPG imports. Within days J M Baxi Group bought its first VLGC for US$87.3 million, giving the Indian firm its own large‑capacity LPG carrier. Arrowstreet Capital also raised its holding in U.S.–listed Dorian LPG Ltd., reflecting growing hedge‑fund interest in the sector.

A follow‑up report on 31 July confirmed J M Baxi’s acquisition, cementing the company’s entry into VLGC ownership, and noted Arrowstreet’s further increase in an insurer, SiriusPoint, underscoring broader capital inflows into energy‑related assets. These developments illustrate an accelerating Indian strategy to own and finance VLGC vessels for importing U.S. LPG, reducing reliance on chartered ships and expanding financial backing for the fleet.

## Timeline

### 2026-07-31: J M Baxi Group Acquires First VLGC for $87.3 Million, Expanding LPG Shipping

J M Baxi buys its first VLGC for $87.3 M, Arrowstreet lifts its SiriusPoint stake to 0.28%, Edgestream cuts DNOW holdings by 54.6%, and Danaher’s shares hover near $196 after earnings beat but lowered guidance,

4 sources. https://clstr.news/cluster/lpg-shipping-companies-attract-major-investment

### 2026-07-29: Indian Oil Corp seeks 50% stake in VLGCs to boost US LPG imports

Indian Oil Corp plans to buy a 50% stake in VLGC vessels to secure U.S. LPG imports from 2027, with bids due in September and vessels to be re‑flagged to India.

3 sources. https://clstr.news/cluster/indian-oil-corp-seeks-50-stake-in-vlgcs-to-boost-us-lpg-imports

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Cite as: India's VLGC acquisition drive. CLSTR, https://clstr.news/situations/indias-vlgc-acquisition-drive