On one hand Mukesh Ambani’s Jio is being discussed not only in India but all over the world. On the other hand, Adani is also going to do big shopping in Europe. India’s richest man and billionaire Gautam Adani is considering buying Dutch energy storage group VTTI, people with knowledge of the matter said. Such facilities have become more valuable for energy trading due to supply disruptions. According to these people, the Adani Group (a conglomerate with businesses ranging from power to ports) is among the companies that are evaluating to buy Rotterdam-based VTTI. He said that the deal values the company at around 3 billion euros ($3.4 billion), which is roughly Rs 33,000 crore.
What does VTTI do?
Australian infrastructure manager IFM Investors Pty Ltd and energy and commodity group Vitol SA both own about 45% of VTTI, while Abu Dhabi National Oil Company (ADNOC) holds the remaining 10%. ADNOC is considering selling its entire stake in VTTI, the people, who did not want to be named due to confidential information, told ET’s report. Also, other owners may also consider reducing their stake in the company through this deal.
Talks are still ongoing and no deal is certain, the people said. He also said that other bidders are also trying to buy a stake in VTTI. VTTI operates terminals that are used to store fuels and liquids (such as fossil fuels, biofuels and solvents). The company’s business is spread all over the world.
Adani is the richest businessman in India
Adani Group’s portfolio includes infrastructure assets such as airports, roads and data centers as well as mining and defense related assets. Its founder is the richest person in India, with a net worth of approximately $105.7 billion, according to the Bloomberg Billionaires Index. The group’s flagship listed company, Adani Enterprises Ltd, in July raised Rs. 150 billion ($1.6 billion) was raised. It is to be used for capital expenditure and repayment of loans. The following month, Gautam Adani was acquitted of securities fraud charges in the US.
This was a big deal, threatening the expansion of his group. The Adani Group is also mulling acquisitions of companies abroad to boost its growth. It recently considered buying a stake in UK’s largest port operator Associated British Ports (AB Ports), people with knowledge of the matter said. Ultimately, IFM was successful in a deal this month valued at around £10 billion ($13.4 billion).
