Explorer

Election Results 2024

(Source: ECI/ABP News/ABP Majha)

Adani Ports Acquires 49.38% Stake In Indian Oiltanking Ltd For Rs 1,050 Cr

The agreement includes the acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a 71.57% subsidiary of IOTL.

New Delhi: Adani Group's Port Company Adani Ports and Special Economic Zone Limited (APSEZ) acquired 49.38 percent stake in Indian Oiltanking Limited for Rs 1,050 crore on Wednesday. This agreement also includes the acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a 71.57% subsidiary of IOTL.

Adani Ports said in a statement that the deal includes the acquisition of 10 percent additional equity stake in the IOT Utkal Energy Services Ltd. IOTL holds a 71.57 percent stake in this subsidiary company. 

“With this acquisition, APSEZ’s oil storage capacity jumps 200% to 3.6 Mn KL, making it India’s largest third-party liquid storage company. This ties well with our ambition to become the largest transport utility globally,” said Karan Adani, CEO and Whole Time Director of APSEZ. “This stake purchase is also well aligned with our strategy of diversifying the cargo mix with focus on products and services having higher realisation and margins. The deal will further strengthen our strategic partnership with IOCL, a key stakeholder and India’s largest refiner and customer of oil storage tanks.” 

The company is the largest unit in the country to increase and operate liquid storage facilities.

According to the company's website, IOTL is a joint venture of Indian Oil Corporation and GMBH in Germany. According to the statement, in the last 26 years, IOTL has created a network of six terminals in five states for the storage of raw and finished petroleum.

About Adani Ports and Special Economic Zone Ltd

Adani Ports and Special Economic Zone Ltd (APSEZ), a part of the globally diversified Adani Group has evolved from a port company to an Integrated Transport Utility providing end-to-end solutions from its port gate to customer gate. It is the largest port developer and operator in India with 6 strategically located ports and terminals on the west coast (Mundra, Dahej, Tuna and Hazira in Gujarat, Mormugao in Goa and Dighi in Maharashtra) and 6 ports and terminals on the East coast of India (Dhamra in Odisha, Gangavaram, Visakhapatnam and Krishnapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai) representing 24% of the country's total port capacity, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. The company is also developing two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka. Its ‘Ports to Logistics Platform’ comprising port facilities, integrated logistics capabilities including multimodal logistics parks, Grade A warehouses, and industrial economic zones, puts APSEZ in an advantageous position as India stands to benefit from an impending overhaul in global supply chains. The company’s vision is to be the largest ports and logistics platform in the world in the next decade. With a vision to turn carbon neutral by 2025, APSEZ was the first Indian port player and third in the world to sign up for the Science-Based Targets Initiative (SBTi) committing to emission reduction targets to control global warming at 1.5°C above pre-industrial levels. For more information, please visit www.adaniports.com

Oiltanking GmbH is a subsidiary of Marquard & Bahls, an agile, independent holding company in the energy & chemical sector. Through its portfolio, Oiltanking is one of the largest independent tank storage providers for gas, chemicals, and petroleum products worldwide. For more information on Oiltanking, please visit www.oiltanking.com.

View More
Advertisement

IPL Auction 2025

Most Expensive Players In The Squad
Virat Kohli
₹21 CR
Rajat Patidar
₹11 CR
Liam Livingstone
₹8.75 CR
View all
Most Expensive Players In The Squad
Rishabh Pant
₹27 CR
Nicholas Pooran
₹21 CR
Ravi Bishnoi
₹11 CR
View all
Most Expensive Players In The Squad
Jasprit Bumrah
₹18 CR
Suryakumar Yadav
₹16.35 CR
Hardik Pandya
₹16.35 CR
View all
Most Expensive Players In The Squad
Heinrich Klaasen
₹23 CR
Pat Cummins
₹18 CR
Abhishek Sharma
₹14 CR
View all
Most Expensive Players In The Squad
Ruturaj Gaikwad
₹18 CR
Ravindra Jadeja
₹18 CR
Matheesha Pathirana
₹13 CR
View all
Most Expensive Players In The Squad
Shreyas Iyer
₹26.75 CR
Arshdeep Singh
₹18 CR
Yuzvendra Chahal
₹18 CR
View all
Most Expensive Players In The Squad
Sanju Samson
₹18 CR
Yashaswi Jaiswal
₹18 CR
Riyan Parag
₹14 CR
View all
Most Expensive Players In The Squad
Venkatesh Iyer
₹23.75 CR
Rinku Singh
₹13 CR
Varun Chakaravarthy
₹12 CR
View all
Most Expensive Players In The Squad
Rashid Khan
₹18 CR
Shubman Gill
₹16.5 CR
Jos Buttler
₹15.75 CR
View all
Most Expensive Players In The Squad
Axar Patel
₹16.5 CR
KL Rahul
₹14 CR
Kuldeep Yadav
₹13.25 CR
View all
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Sambhal Violence: 3 Dead In Clashes Over Mosque Survey, Akhilesh Yadav Accuses BJP Of 'Orchestrating' Violence
Sambhal Violence: 3 Dead In Clashes Over Mosque Survey, Akhilesh Yadav Accuses BJP Of 'Orchestrating' Violence
Hemant Soren Stakes Claim To Form Next Jharkhand Government, Confirms Oath Ceremony Date
Hemant Soren Stakes Claim To Form Next Jharkhand Government, Confirms Oath Ceremony Date
IPL 2025 Mega Auction Live Updates: Pant, Iyer Headline The Event, SOLD For Rs. 27 Cr And Rs. 26.75 Cr Respectively
IPL 2025 Mega Auction Live Updates: Pant, Iyer Headline The Event, SOLD For Rs. 27 Cr And Rs. 26.75 Cr Respectively
Maharashtra Government Formation To Be Completed By This Date As BJP, Shiv Sena, NCP Eye CM Post
Maharashtra Government Formation To Be Completed By This Date As BJP, Shiv Sena, NCP Eye CM Post
Advertisement
ABP Premium

Videos

From Hating Computers to Building a Software Empire, The Inspiring Journey of ESDS CEO Piyush SomaniGautam Adani Faces Another Blow as SEBI Launches Probe Against Adani Group | Paisa LiveBigg Boss 18: Did Salman Khan Bully Arfeen Khan? Hrithik Roshan's Mind Coach Breaks Silence!Tamannaah Bhatia Has Vijay Varma as Bonus? Jimmy Shergill's Army Exam & Avinash Good Looks! EXCLUSIVE Interview

Photo Gallery

Embed widget