Adani Ports and Special Economic Zone Ltd (APSEZ) has entered into a definitive agreement for the acquisition of Oiltanking India GmbH’s 49.38 percent equity stake in Indian Oiltanking Ltd (IOTL), which is one of India’s largest developer and operator of liquid storage facilities.
Under the agreement, Adani Ports will also acquire an additional 10 percent equity stake in IOT Utkal Energy Services Ltd, which is a 71.57 percent subsidiary of IOTL.
With this, Adani Ports and Special Economic Zone (APSEZ) becomes India’s largest third-party liquid tank storage player, Adani Ports and Logistics said in a media release.
AZB & Partners advised Indian Oiltaking in the deal. The AZB & Partners team comprised of Partners Shameek Chaudhuri and Divya Mundra, and Senior Associate Devika Nayak.
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