Adani Ports acquires 49.38% stake in Indian Oiltanking for Rs 1,050 cr

Adani Ports and Special Economic Zone (APSEZ) said that it has acquired a 49.38 per cent stake in Indian Oiltanking, a developer and operator of liquid storage facilities

Adani Ports and Special Economic Zone (APSEZ) on Wednesday said that it has acquired a 49.38 per cent stake in Indian Oiltanking, a developer and operator of liquid storage facilities, for Rs 1,050 crore.

APSEZ, the flagship transportation arm of the Adani group, is India's largest private ports and logistics company.

The acquisition, APSEZ said, was well-aligned with its strategy of becoming the largest transport utility in the country. The agreement also includes acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services, a 71.57 per cent subsidiary of Indian Oiltanking, the company said.

For the uninitiated, Indian Oiltanking has built a network of six terminals across five states over the last 26 years. It has a total capacity of 2.4 million kilolitres (KL) for storage of crude and finished petroleum products. This includes owned facilities as well as those under the build, own, operate and transfer (BOOT) model.

The owned facilities include Navghar terminal in Maharashtra, Raipur terminal in Chhattisgarh and Goa terminal, the company said. This has a capacity of 0.5 million KL. BOOT capacity, on the other hand, constitutes 1.9 million KT, APSEZ said.