Adani ports has entered into a definitive agreement for the acquisition of Oiltanking India GmbH's 49.4% equity stake in Indian Oiltanking Ltd (IOTL), which is one of India's largest developer and operator of liquid storage facilities. With this acquisition, APSEZ's oil storage capacity jumps 200% to 3.6 Mn KL
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In FY22, IOTL's revenue and EBITDA were Rs 526 crore and Rs 357 crore, respectively. The acquisition price of Rs 3050 Cr implies an EV/EBITDA multiple of 8x. Over the last 26 years, IOTL has built a network of six terminals across five states with a total capacity of 2.4 Mn KL (owned capacity of 0.5 Mn KL and BOOT capacity of 1.9 Mn KL) for storage of crude and finished petroleum products.
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