Adani Ports and Special Economic Zone Ltd (APSEZ) announced it has acquired a 49.38 percent stake in Indian Oiltanking Ltd for Rs 10.5 billion, a developer and operator of liquid storage facilities.

In a statement, APSEZ said this agreement also includes the purchase of an additional 10% equity stake in IOTL's subsidiary, IOT Utkal Energy Services Ltd.

"APSEZ has entered into a definitive agreement to acquire Oiltanking India GmbH's 49.38 percent equity interest in Indian Oiltanking Ltd, one of India's largest developers and operators of liquid storage facilities," the company said.

The statement claims that the acquisition fits well with APSEZ's plan to become the largest transport company.

According to the statement, IOTL has spent the past 26 years building a network of six terminals across five states with a combined storage capacity of 2.4 million KL (own capacity of 0.5 million KL and BOOT capacity of 1.9 million KL).

Navghar Terminal in Maharashtra, Raipur Terminal in Chhattisgarh and Goa Terminal are among the owned facilities.

The main transportation division of the diversified Adani Group, Adani Ports and Special Economic Zones is the largest privately owned port and logistics company in India.