Adani Ports and Special Economic Zone to purchase 49.38% share in Indian Oiltanking and 10% stake in Utkal Energy Services

In order to improve cargo handling operations in India, Gautam Adani, the company’s billionaire founder, has reached an agreement to purchase a 49.38% interest in Indian Oiltanking Ltd. for 10.5 billion rupees ($129 million).

The listed port company of the Adani Group has also agreed to purchase a further 10% equity investment in IOT Utkal Energy Services Ltd., a division of Indian Oiltanking.

Over the last 26 years, IOTL has built a network of six terminals across five states for the storage of crude and finished petroleum products. Chief Executive Officer Karan Adani said in a statement that Adani Ports’ purchase of the interest in Indian Oiltanking from Oiltanking India GmbH will increase its oil storage capacity by three times to 3.6 million kiloliter, making it India’s largest third-party liquid storage company.

Shopping Cart
Scroll to Top