Adani Ports and Special Economic Zone (APSEZ), a company of Adani Group, had recently bought the entire stake in Gangavaram Port.
Asia’s Richest Person and Adani Group Chairman Gautam Adani is continuously expanding his business. Now the group has made another big purchase through its company Adani Ports. The company has bought about 50 percent stake in Indian Oiltanning. The company has shared information about this deal by issuing a statement.
Gautam Adani: Deal completed for Rs 1,050 crore
According to a Business Standard report, the deal was done between Gautam Adani’s son Karan Adani-led Adani Ports and Special Economic Zone Limited (APSEZ) and Indian Oiltanking for Rs 1.050 crore. With this deal, Adani Ports and SEZ has now become the country’s largest liquid tank storage company.
What does IOTL company do?
Indian OilRankings Limited (IOTL) is one of the leading companies in the country to develop and operate liquid storage facilities. Gautam Adani Ports said in a statement issued on Wednesday that the deal includes the acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services Ltd. Indian Oiltanking has a 71.57 percent stake in this subsidiary company.
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Adani Ports made a big claim
According to the report, Adani Ports CEO Karan Adani claimed that after this deal with IOTL, Adani Ports and SEZ has become the third largest liquid tank storage company in the country. Regarding this deal, he said, this deal has increased the oil storage capacity of APSEZ by 200 percent to 3.6 million KL.
Shares of Adani’s company ran away from the deal
The effect of this big deal between Adani Ports and IOTL has also been seen on the shares of Gautam Adani’s company. At the end of trading in the Indian stock market on Wednesday, the shares of Adani Ports and Special Economic Zone Ltd closed at a level of Rs 887.00, taking a strong gain of 3.99 per cent or Rs 34.
Adani now entered the fray to bet on ‘Big Bazaar’, compete with Mukesh Ambani!
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have been filed. Billionaire Mukesh Ambani is once again face to face. Both are in the fray for the acquisition of debt-ridden Future Retail Ltd. According to a Reuters report, April Moon Retail Pvt Ltd, Adani Airport Holdings
How much debt on future group
The deadline for submission of EOI for Future Retail, the flagship retail unit of Future Group, ended earlier this month. Claims have been received from creditors.. Future Group was once the second largest retailer firm in the country.
Reliance can do big deal
Reliance Industries can do another big deal in the retail market. Reliance has planned to acquire the business of German retail company METRO Cash & Carry spread in India. This big deal will help the country’s largest retailer Reliance Retail to increase its presence in the B2B segment.
Face to face across the 5G spectrum
Earlier, both the businessmen were face to face during the auction of 5G spectrum. But Mukesh Ambani-led company Reliance Jio Infocomm (Reliance Jio) was the frontrunner in the 5G spectrum race by spending Rs 88.078 crore.
On the other hand Adani’s company spent Rs 212 crore for 5G spectrum. Adani Data Networks Ltd (ADNL) of the Adani Group bought spectrum in the 26 GHz millimeter wave band for 20 years for Rs 212 crore in the 5G spectrum auction.