Adani Ports buys 49.38% stake in IOTL for Rs 1,050 cr

New Delhi, November 9

Advertisement

Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday said it has acquired 49.38% stake in Indian Oiltanking Ltd — developer and operator of liquid storage facilities — for Rs 1,050 crore.

APSEZ said this agreement also includes acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a 71.57% subsidiary of IOTL (Indiain Oiltanking Ltd).

“APSEZ has entered into a definitive agreement for the acquisition of Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking Ltd, which is one of India’s largest developer and operator of liquid storage facilities,” it said.

According to the statement, the acquisition is well aligned with APSEZ’s strategy of becoming the largest transport utility.

The statement said over the past 26 years, IOTL has built a network of six terminals across five states with a total capacity of 2.4 Mn KL (owned capacity of 0.5 Mn KL and BOOT capacity of 1.9 Mn KL) for storage of crude and finished petroleum products.

The owned facilities include Navghar terminal in Maharashtra, Raipur terminal in Chhattisgarh and Goa terminal.

Adani Ports and Special Economic Zones, the flagship transportation arm of the diversified Adani group, is India’s largest private ports and logistics company. — PTI

Also acquires 10% in IOT Utkal energy

• The agreement also includes acquisition of an additional 10% stake in IOT Utkal Energy Services Ltd, a 71.57% subsidiary of Indiain Oiltanking Ltd (IOTL)
• IOTL has built a network of six terminals across five states with a total capacity of 2.4 Mn KL (owned capacity of 0.5 Mn KL and BOOT capacity of 1.9 Mn KL) for storage of crude and finished petroleum products