APSEZL enters acquires 49.38 per cent stake in IOTL

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. Also, this 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, thus making it India’s largest third-party liquid storage company. 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 crude storage tanks at the Para­dip Port. Besides, it is negotiating/bidding on various other large projects, both at existing facilities and new locations.