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.
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