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APSEZ to purchase 49% in IOC tank farm three way partnership for Rs 1,050 crore – Instances of India

NEW DELHI: Ahmedabad-based Adani Ports and Particular Financial Zone Ltd (APSEZ) is buying 49% stake in Indian Oil Tanking Ltd, a three way partnership between state-run IndianOil Company and the Indian wing of Germany’s Oiltanking GmbH, for Rs 1,050 crore in an all-cash deal.
The deal will see APSEZ buying Oiltanking India’s 49.3% stake in Indian Oiltanking together with Oiltanking GmbH’s 10% stake in IOT Utkal Power Providers Ltd, a subsidiary of Indian Oiltanking. In accordance with transaction advisor E&Y, the deal is anticipated to be accomplished in two months.
“With this acquisition, APSEZ’s oil storage capability jumps 200% to three.6 million kilolitre, making it India’s largest third-party liquid storage firm. This ties properly with our ambition to grow to be the biggest transport utility globally,” an organization assertion quoted CEO Karan Adani as saying.
That is APSEZ’s second main oil storage and terminalling deal this yr. The corporate had on March 9 signed an settlement with IndianOil to enhance the latter’s tank farm capability of seven.2 million tonne at Mundra port to allow dealing with and mixing of an extra 10 million tonne of oil each year.
In accordance with Adani, the most recent deal is according to the technique of diversifying the cargo combine with concentrate on services with larger realisation and margins.
“The deal will additional strengthen our strategic partnership with IndianOil, a key stakeholder and India’s largest refiner and buyer of oil storage tanks,” the assertion quoted Adani as saying.
Indian Oiltanking has terminals in Navghar and Jawaharlal Nehru Port Belief (Maharashtra), Paradip (Odisha), Raipur (Chhattisgarh), Goa, Dumad (Gujarat) terminals. It additionally has a biogas plant Namakkal, Tamil Nadu.

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