Adani Ports and Special Economic Zone, a private multi-port operator, completed the acquisition of a 49.38% stake in Indian Oiltanking, a liquid storage facility company, for $129m. “With this acquisition, APSEZ’s oil storage capacity jumps 200% to 3.6m KL, making it India’s largest third-party liquid storage company. This ties well with our ambition to become the largest transport utility globally. This stake purchase is also well aligned with our strategy of diversifying the cargo mix with focus on products and services having higher realisation and margins. The deal will further strengthen our strategic partnership with IOCL, a key stakeholder and India’s largest refiner and customer of oil storage tanks,” Karan Adani, APSEZ CEO.