Gautam Adani is exploring a potential €3 billion acquisition of the Dutch energy storage firm VTTI. People familiar with the matter said the group wants these facilities to help with energy trading. Deliberations are ongoing, and other bidders also want a stake. Adani Enterprises recently raised funds for such capital expenditures.
Billionaire Gautam Adani, India’s richest person, is exploring a potential acquisition of Dutch energy storage group VTTI as supply disruptions make the facilities more valuable for energy trading, people familiar with the matter said.
Australian infrastructure manager IFM Investors Pty and energy and commodities group Vitol SA each own around 45% of VTTI, while Abu Dhabi National Oil Co. holds the remaining 10%.
Deliberations are ongoing and there’s no certainty they’ll result in a transaction, the people said. Other bidders have also been pursuing a stake in VTTI, they said. A representative for Adani Group didn’t immediately respond to queries. Spokespeople for IFM, Adnoc and VTTI declined to comment. A representative for Vitol didn’t immediately comment.
VTTI operates global fuel and chemical storage terminals
VTTI operates terminals used to store fuels and chemicals, including fossil fuels, biofuels and solvents. The company has a global presence.
Listed flagship Adani Enterprises Ltd. in July raised 150 billion rupees ($1.6 billion) from institutional investors to help fund capital expenditures and possible debt repayment. The following month, Gautam Adani won dismissal of US securities fraud charges — a victory in a blockbuster case that had threatened his conglomerate’s expansion.