Adani Ports and Special Economic Zones (APSEZ) has acquired a 49.38 per cent stake in Indian Oiltanking (IOTL), one of the country’s largest third-party liquid tank storage providers. Over the last 26 years, IOTL has built a network of six terminals across five states with a total capacity of 2.4 million kilolitres for the storage of crude and finished petroleum products. This includes the Navghar terminal in Maharashtra, the Raipur terminal in Chhattisgarh and a Goa terminal, as well as other facilities in Paradip, JNPT and Dumad and a biogas plant in Namakkal.
With this acquisition, APSEZ’s oil storage capacity jumps 200% to 3.6 million kilolitres, making it India’s largest third-party liquid storage company. Moreover, IOTL is on a growth spree to meet the increasing demand for oil products in the country. The company recently signed a 25-year contract with Numaligarh Refinery for the construction, operation, and maintenance of crude storage tanks at Paradip port. And is negotiating other projects.