APSEZL acquires 49.38 per cent stake in IOTL

Adani Ports and Special Economic Zone Limited (APSEZL) has entered into a definitive agreement for the acquisition of Oiltanking India GmbH’s 49.38 per cent equity stake in Indian Oiltanking Limited (IOTL) for Rs 10.5 billion. The agreement includes the acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services Limited, a 71.57 per cent subsidiary of IOTL. With this, APSEZL’s oil storage capacity has increased 200 per cent to 3.6 million kilolitres. IOTL is one of India’s largest developers and operators of liquid storage facilities. Recently, the company signed a 25-year build, own, operate, transfer contract with Numaligarh Refinery Limited for the construction, operations and maintenance of 0.6 million kilolitres of crude storage tanks at the Paradip Port.