Adani Enterprises (Adani) and Chemoil Energy (Chemoil), a subsidiary of Glencore, announced Tuesday that Chemoil has sold its 49% interest in Chemoil-Adani joint venture (JV) to Adani.

Chemoil-Adani was a jointly-owned bunker supplier that supplied bunker fuel to vessels in Mundra and other ports in India.

The company said, Going forward, Chemoil will no longer be associated with the business and will be fully-owned and managed by Adani, renamed Adani Bunkering.

A joint spokesperson for the companies, commented, 'The joint venture was very successful in starting and growing the business into a major supplier in the Indian bunker market. 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.'