Business
Adani Ports Completes Acquisition Of 49.38 Per Cent Stake In Indian Oiltanking Ltd
Indian Oil Tanking (Pic via company website)
Adani Ports and Special Economic Zone Ltd (APSEZ) has successfully concluded the acquisition of Oiltanking India GmbH’s 49.38 per cent equity stake in Indian Oiltanking Ltd (IOTL), which is one of India’s largest developer and operator of liquid storage facilities, the company said on Wednesday (1 February).
Further, Adani Ports has also concluded the acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services Ltd, a 71.57 per cent subsidiary of IOTL.
Oiltanking India GmbH is a wholly owned subsidiary of Germany-based Oiltanking GmbH.
Prior to acquisition of stake by Adani Ports, the IOTL was a joint venture between Oiltanking India and Indian Oil Corporation Limited (IOCL).
Over the last 26 years, IOTL has built a network of six terminals across five states with a total capacity of 2.4 million kilolitre (owned capacity of 0.5 million KL and BOOT capacity of 1.9 million KL) for storage of crude and finished petroleum products.
IOTL's owned facilities include Navghar terminal in Maharashtra, Raipur terminal in Chhattisgarh and Goa terminal.
The BOOT terminal with Indian Oil Corporation Ltd (IOCL) is at Paradip (Odisha) and operations and maintenance (O&M) contracts with IOCL are at JNPT (Maharashtra) and Dumad (Gujarat).
The company also has a biogas plant of 15 TPD capacity in Namakkal (Tamil Nadu).
In a statement in November last year, Adani Ports CEO Karan Adani had said that with the acquisition of stake in IOTL, APSEZ’s oil storage capacity will jump 200 per cent to 3.6 million KL, making it India’s largest third-party liquid storage company.
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