Cyril Amarchand Mangaldas advised Adani Ports and Special Economic Zone Limited (Adani Ports) on its acquisition 49.38 per cent shareholding in Indian Oiltanking Limited (IOTL) from Oiltanking India GmbH as well as 10 per cent shareholding in IOT Utkal Energy Services Limited from Oiltanking GmbH.
IOTL is one of India's largest developer and operator of liquid storage facilities, and post this transaction, Adani Ports would become India's largest third-party liquid tank storage player.
The General Corporate Practice of Cyril Amarchand Mangaldas advised Adani Ports on the transaction. The transaction team was led Paridhi Adani, Partner; Mudit Shah, Partner; with support from Saurabh Sharma, Principal Associate; Akshay Zaveri, Associate; and Rishabh Manihar, Associate.
Other Parties and Advisors to the transaction included Ernst & Young (acted as financial advisor for Oiltanking India GmbH).
The aggregate value of the Transaction is Rs 1,050 crores (approx.)
The transaction was signed on November 09, 2022.
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( With inputs from ANI )
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