Press "Enter" to skip to content

Adani Ports acquires 49% stake in Indian Oiltanking Ltd for Rs 1,050 crore – Instances of India

NEW DELHI: India’s largest transport utility, Adani Ports and Particular Financial Zone Ltd (APSEZ), on Wednesday introduced coming into right into a definitive settlement to amass Oiltanking India GmbH’s 49.38% fairness stake in Indian Oiltanking Ltd (IOTL). The lattee is considered one of India’s largest developer and operator of liquid storage amenities.
This settlement additionally consists of acquisition of an extra 10% fairness stake in IOT Utkal Vitality Providers Ltd, a 71.57% subsidiary of IOTL, APSEZ stated in a press release, including that it has now change into India’s largest third-party liquid tank storage participant.
APSEZ CEO and entire time director Karan Adani stated: “With this acquisition, APSEZ’s oil storage capability jumps 200% to three.6 Mn KL, making it India’s largest third-party liquid storage firm. This ties properly with our ambition to change into the biggest transport utility globally. This stake buy can be properly aligned with our technique of diversifying the cargo combine with concentrate on services having larger realisation and margins. The deal will additional strengthen our strategic partnership with IOCL, a key stakeholder and India’s largest refiner and buyer of oil storage tanks.”
During the last 26 years, IOTL has constructed a community of six terminals throughout 5 states with a complete capability of two.4 Mn KL (owned capability of 0.5 Mn KL and BOOT capability of 1.9 Mn KL) for storage of crude and completed petroleum merchandise. The owned amenities embody Navghar terminal in Maharashtra, Raipur terminal in Chhattisgarh and Goa terminal.
The BOOT terminal with Indian Oil Company Ltd (IOCL) is at Paradip (Odisha) and O&M contracts with IOCL are at JNPT (Maharashtra) and Dumad (Gujarat). The corporate additionally has a biogas plant of 15 TPD capability in Namakkal (Tamil Nadu).
“IOTL is on a development spree given the growing demand for oil merchandise within the nation. The corporate lately signed a 25-year BOOT contract with Numaligarh Refinery Ltd for the development, operation, and upkeep of 0.6 Mn KL crude storage tanks on the Paradip Port. Apart from, the corporate can be negotiating/bidding on numerous different giant initiatives, each at present amenities and new places,” the assertion added.
APSEZ has advanced from a port firm to an Built-in Transport Utility offering end-to-end options from its port gate to buyer gate. It’s the largest port developer and operator in India with six strategically positioned 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 nation’s whole port capability, thus offering capabilities to deal with huge quantities of cargo from each coastal areas and the hinterland. The corporate can be growing two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka.

Supply hyperlink

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: