New Delhi: Adani Ports and Special Economic Zone Ltd (APSEZ) said on October 9 that it has acquired 49.38 percent stake in Indian Oiltanking Ltd, a developer and operator of liquid storage facilities for Rs 1,050 crore. APSEZ in a statement said that this agreement also includes the acquisition of an additional 10 percent equity stake in IOT Utkal Energy Services Ltd, a 71.57 percent subsidiary of IOTL (Indiain Oiltanking Ltd).
Adani Ports and Special Economic Zones is the flagship transportation arm of the diversified Adani group. It is also India's largest private ports and logistics company.
"APSEZ has entered into a definitive agreement for the acquisition of GmbH's 49.38 percent equity stake in Indian Oiltanking Ltd, which is one of India's largest developer and operator of liquid storage facilities," the company 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 facilities include Navghar terminal in Maharashtra, Raipur terminal in Chhattisgarh and Goa terminal.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)