Adani Ports and Special Economic Zone (APSEZ), the largest transport utility in India, has agreed to the acquisition of Oiltanking India’s 49.38% equity stake in Indian Oiltanking (IOT), one of India’s largest developer and operator of liquid storage facilities. The agreement includes the acquisition of an additional 10% equity stake in IOT Utkal Energy Services, a 71.57% subsidiary of IOT.
‘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,’ says Karan Adani, CEO and whole-time director of APSEZ.
‘This stake purchase is also well aligned with our strategy of diversifying the cargo mix, focusing on products and services with 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.’
