Adani Ports buys 49.38% stake in Indian Oiltanking

NEW DELHI: Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday said that it has acquired 49.38 per cent stake in Indian Oiltanking Ltd - developer and operator of liquid storage facilities - for Rs 1,050 crore. APSEZ in a statement said this agreement also includes acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services Ltd, a 71.57 per cent subsidiary of IOTL (Indiain Oiltanking Ltd). “APSEZ has entered into a definitive agreement for the acquisition of Oiltanking India GmbH’s 49.38 per cent equity stake in Indian Oiltanking Ltd, which is one of India’s largest developer and operator of liquid storage facilities,” it said.