Adani Ports and Special Economic Zone Ltd (APSEZ) announced that it had completed the acquisition of Oiltanking India GmbH's 49.38 percent equity stake in Indian Oiltanking Ltd (IOTL), one of India's largest developers and operators of liquid storage facilities (1 February).

Adani Ports has also completed the acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, an IOTL subsidiary with a 71.57% stake.

Oiltanking India GmbH is a wholly owned subsidiary of Oiltanking GmbH in Germany.

Prior to Adani Ports acquiring a stake in the IOTL, it was a joint venture between Oiltanking India and Indian Oil Corporation Limited (IOCL).

IOTL has built a network of six terminals across five states with a total capacity of 2.4 million kilolitres (owned capacity of 0.5 million KL and BOOT capacity of 1.9 million KL) for crude and finished petroleum product storage over the last 26 years.

IOTL owns the Navghar terminal in Maharashtra, the Raipur terminal in Chhattisgarh, and the Goa terminal.

The BOOT terminal with Indian Oil Corporation Ltd (IOCL) is located in Paradip (Odisha), and IOCL has contracts for operations and maintenance (O&M) at JNPT (Maharashtra) and Dumad (Gujarat).

In Namakkal, the company also operates a biogas plant with a capacity of 15 TPD (Tamil Nadu).

Adani Ports CEO Karan Adani stated in November last year that with the acquisition of a stake in IOTL, APSEZ's oil storage capacity will increase by 200 percent to 3.6 million KL, making it India's largest third-party liquid storage company.