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Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday said that it has acquired 49.38 per cent stake in Indian Oiltanking Ltd — developer and operator of liquid storage facilities — for Rs 1,050 crore.
APSEZ in a statement said this agreement also includes acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services Ltd, a 71.57 per cent subsidiary of IOTL (Indiain Oiltanking Ltd).
“APSEZ has entered into a definitive agreement for the acquisition of Oiltanking India GmbH’s 49.38 per cent 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 last 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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