Adani Ports and Special Economic Zone Ltd (APSEZ), India's largest transport utility, has completed the acquisition of Oiltanking India GmbH's 49.38% equity stake in Indian Oiltanking Ltd (IOTL), India's largest developer and operator of liquid storage facilities.
An additional 10% equity stake in IOT Utkal Energy Services Ltd, an IOTL subsidiary with a 71.57% stake, is also acquired. Oiltanking India GmbH is Oiltanking GmbH's wholly-owned subsidiary.
On November 9, 2022, APSEZ has signed a definitive agreement for the acquisition of Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking Ltd (IOTL). The agreement also underlined the acquisition of an additional 10% stake in IOTL Utkal Energy Services.
IOTL has built a network of six terminals across five states with a total capacity of 2.4 million KL (owned capacity of 0.5 million KL and BOOT capacity of 1.9 million KL) for the storage of crude and finished petroleum products over the last 26 years.
Navghar terminal in Maharashtra, Raipur terminal in Chhattisgarh, and Goa terminal are among the facilities owned by the company.
The BOOT terminal with Indian Oil Corporation Ltd (IOCL) is located in Paradip (Odisha), and IOCL has O&M contracts at JNPT (Maharashtra) and Dumad (Gujarat). In Namakkal, the company also operates a biogas plant with a capacity of 15 TPD (Tamil Nadu).
For feedback and suggestions, write to us at editorial@iifl.com
