The agreement mentions that Adani Ports will acquire an additional ten percent equity stake in IOT Utkal Energy Services Ltd, which is a 71.57 percent subsidiary of IOTL.

Adani Ports and Special Economic Zone Ltd (APSEZ) has signed a definitive agreement for buying a 49.38 percent equity stake in Indian Oiltanking Ltd (IOTL), India’s largest professional, technical, and logistics solutions provider in the oil and gas industry.

Adani Ports and Logistics revealed in a media release that the acquisition will propel APSEZ becomes India’s third-party liquid tank storage player. Karan Adani, the CEO and Whole-time director, APSEZ said, “With this acquisition, APSEZ’s oil storage capacity jumps 200 percent to 3.6 Mn KL, making it India’s largest third-party liquid storage company. This ties well with our ambition to become the largest transport utility globally.”

Headquartered in Mumbai, IOTL is growing rapidly on the increase in the demand for oil products in the country. For the construction, operation, and maintenance of 0.6 Mn KL crude storage tanks at the Paradip port, IOTL has entered a long-term contract on BOOT (Build, Own, Operate, and Transfer) for 25 years with Numaligarh Refinery Ltd.