Adani Group Eyes €3 Billion Acquisition of Dutch Energy Storage Firm VTTI
The Adani Group is considering buying a stake in Rotterdam-based VTTI, a deal that could value the energy storage company at about €3 billion, according to sources.
India’s Adani Group is evaluating a possible acquisition of Dutch energy-storage operator VTTI, sources familiar with the matter said. The transaction, if concluded, could value VTTI at roughly €3 billion ($3.4 billion).
VTTI, which runs terminals for storing fuels, chemicals, biofuels and solvents worldwide, is currently owned by Australian infrastructure manager IFM Investors and energy-trading firm Vitol, each holding about 45% of the company, with Abu Dhabi National Oil Co. owning the remaining 10%.
IFM Investors and Vitol may look to reduce their holdings, and ADNOC is reportedly considering a full exit from VTTI. Other potential bidders are also said to be interested, though no deal has been confirmed.
A spokesperson for Adani Group did not respond to requests for comment, and representatives for IFM, Vitol and VTTI declined to speak.
Adani Group, which operates ports, airports, roads, data centres and other infrastructure assets, has been pursuing overseas acquisitions to accelerate growth, including a recent bid for a stake in the UK’s Associated British Ports.