Adani Ports acquires 49.38% stake in Indian Oiltanking for Rs 1050 crore

10 Nov 2022 , 03:13 PM

The developer and operator of liquid storage facilities, Adani Ports and Special Economic Zone Ltd (APSEZ), announced on Wednesday that it had paid Rs1,050 crore to acquire a 49.38 % in Indian Oiltanking Ltd.

In a statement, APSEZ noted that this arrangement also includes purchasing an additional 10% equity investment in IoT Utkal Energy Services Ltd. This IOTL subsidiary accounts for 71.57% of the company (Indian Oiltanking Ltd).

"APSEZ has agreed into a definitive agreement for the acquisition of Oiltanking India GmbH's 49.38 % equity ownership in Indian Oiltanking Ltd," it stated. "Indian Oiltanking Ltd. is one of the country's major developers and operators of liquid storage facilities."

The acquisition, per the announcement, is in line with APSEZ's goal of becoming the biggest transport utility. According to the statement, IOTL has spent the previous 26 years constructing a network of six terminals spread across five states with a combined storage capacity of 2.4 million KL (owned capacity of 0.5 million KL and BOOT capacity of 1.9 million KL).

Navghar Terminal in Maharashtra, Raipur Terminal in Chhattisgarh and Goa Terminal are among the owned infrastructures. The diverse Adani group's core transportation division, Adani Ports and Special Economic Zones is the biggest private port and logistics enterprise in India.

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