India’s Adani Group is among the suitors for Dutch energy storage company VTTI, as the South Asian nation’s businesses aggressively pursue overseas deals linked to energy and manufacturing, Bloomberg reported.
VTTI’s massive terminal capacity acts as a vital buffer in times of supply disruptions and volatile commodity markets. A deal could value the Rotterdam-based VTTI at around $3.4 billion, the report said.
Adani Group, which is backed by billionaire Gautam Adani, has interests spanning ports to power generation, airports, data centers, and mining assets.
Australian infrastructure player IFM Investors Pty and energy and commodities trader Vitol SA have a 45% stake each in VTTI, with Abu Dhabi National Oil Company (ADNOC) holding the rest.
ADNOC is reportedly open to shedding its entire stake in VTTI, which runs facilities that store and distribute crude oil and liquefied petroleum gas and biofuels, apart from linking these to transportation infrastructure – trucks, ships and pipelines.
“The only steel plant left in the Netherlands today is a Tata Steel plant,” says a smiling Commerce Minister Piyush Goyal in the Netherlands https://t.co/cjr3XKHfXP
None of the businesses involved have publicly commented on the report.
With a net worth of $105.7 billion, Gautam Adani is India’s richest person, according to the Bloomberg Billionaires Index.
The Adani group has been at the forefront of Indian businesses pursuing overseas deals. It recently considered buying a stake in the UK’s largest port operator, Associated British Ports. IFM ultimately won that deal, which valued AB Ports at $13.4 billion.
In July, the group’s flagship Adani Enterprises raised $1.6 billion from institutional investors, to fund capital expenditure and debt repayment.
New Delhi has flaunted Indian firms’ appetite for foreign acquisitions and their growing overseas presence. “The only steel plant left in the Netherlands today is a Tata Steel plant,” Indian Commerce Minister Piyush Goyal noted with a chuckle during an official visit to the country on Monday.
Earlier this month, Tata Motors cleared a milestone in its takeover bid for Italian truck manufacturer Iveco Group, receiving provisional acceptances that crossed the 80% stake requirement threshold, Reuters reported.
India’s Reliance Industries is also funding the construction of the first new oil refinery in the US in 50 years. The $300 billion facility, to be located in Brownsville, Texas, will be developed by America First Refining.
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