Date: 03/02/2023

APSEZ completes acquisition to boost oil storage capacity

Adani Ports and Special Economic Zone Ltd (APSEZ) has successfully concluded the acquisition of Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking Ltd (IOTL) which is one of India’s largest developers and operators of liquid storage facilities. Acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a 71.57% subsidiary of IOTL, has also been concluded. Oiltanking India GmbH is a wholly owned subsidiary of Oiltanking GmbH.
As reported, APSEZ had in November last year entered into a definitive agreement for the acquisitions. 
Over the last 26 years, IOTL has built a network of six terminals across five states with a total capacity of 2.4 Mn KL (owned capacity of 0.5 Mn KL and BOOT capacity of 1.9 Mn KL) for storage of crude and finished petroleum products. The owned facilities include Navghar terminal in Maharashtra, Raipur terminal in Chhattisgarh and Goa terminal. The BOOT terminal with Indian Oil Corporation Ltd (IOCL) is at Paradip (Odisha) and O&M contracts with IOCL are at JNPT (Maharashtra) and Dumad (Gujarat). The company also has a biogas plant of 15 TPD capacity in Namakkal (Tamil Nadu), said a release. 
Source: Exim News Service: Ahmedabad/Mumbai, Feb. 2