Adani Group evaluates €3 billion acquisition of Dutch energy-storage firm VTTI
The Adani Group is among several parties reviewing a possible purchase of Rotterdam-based VTTI, which could be valued at roughly €3 billion, according to sources familiar with the negotiations.
The Adani Group is considering a bid for Dutch energy-storage operator VTTI, a move that could value the Rotterdam-based company at about €3 billion ($3.4 billion), sources said. VTTI, which runs terminals for storing fuels, chemicals, biofuels and solvents, is currently owned 45% each by Australian infrastructure manager IFM Investors and energy-commodities firm Vitol, with the remaining 10% held by Abu Dhabi National Oil Co (Adnoc).
Adnoc is reportedly weighing a complete exit from VTTI, and the other shareholders may also look to reduce their stakes in any transaction. The discussions are ongoing, and no definitive agreement has been reached, the sources added. Other potential bidders are also pursuing stakes in the company.
A spokesperson for the Adani Group did not immediately respond to requests for comment, and representatives for IFM, Vitol, Adnoc and VTTI declined to comment.
VTTI operates a global network of storage terminals, while the Adani Group’s portfolio includes infrastructure assets such as airports, roads, data centers, as well as mining and defence holdings. The group recently raised 150 billion rupees ($1.6 billion) from institutional investors through its flagship listed company, Adani Enterprises Ltd., to fund capital expenditures and possible debt repayment.