Adani Ports buys 49.38% stake in Indian Oiltanking

Adani Ports and Special Economic Zone Ltd (APSEZ) announced that it had purchased a 49.38 percent stake in Indian Oiltanking Ltd for Rs 10.5 billion,a developer and operator of liquid storage facilities. In a statement, APSEZ said that this agreement also includes the purchase of an additional 10% equity stake in IOTL's subsidiary, IOT Utkal Energy Services 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. The statement claims that the acquisition fits in well with APSEZ's plan to become the biggest transport utility. According to the statement, IOTL has spent the last 26 years constructing a network of six terminals spread across five states with a combined storage capacity of 2.4 million KL (owned capacity of 0.5 million KL and BOOT capacity of 1.9 million KL). Navghar Terminal in Maharashtra, Raipur Terminal in Chhattisgarh, and Goa Terminal are among the owned facilities. The diversified Adani group's flagship transportation division, Adani Ports and Special Economic Zones, is the biggest private port and logistics company in India. See also: Govt to reassess oil demand, refinery capacity projectionsShapoorji Pallonji, Bumi Armada build FPSO for ONGC