Adani Ports buys 49.4% stake in IOTL, is now India's 3rd-largest liquid storage company

Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday, November 9, said it has acquired a 49.38 percent stake in Indian Oiltanking Ltd (IOTL) for Rs 1,050 crore. It also includes the acquisition of an additional 10 percent equity stake in IOT Utkal Energy Services Ltd, a 71.57 percent subsidiary of IOTL, the company said in an exchange filing. Karan Adani, CEO and Whole Time Director, said with this acquisition, APSEZs oil storage capacity jumps 200 percent to 3.6 Mn KL, making it India's largest third-party liquid storage company. Established in 1996, IOTL is a joint venture between Indian Oil Corporation Ltd and Oiltanking India. 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 (build, own, operate, transfer) capacity of 1.9 Mn KL) for storage of crude and finished petroleum products.