UTI Capital has acquired 4% stake in Indian Oiltanking Infrastructure and Energy Services for R100Cr. It will use the funds to build new facilities in Paradip and Ranchi.
Indian Oiltanking was planning for an IPO, but deferred the plans citing unfavorable market conditions.
Indian Oiltanking had filed DRHP in September last year and received Sebi clearance for the public issue, which was initially scheduled for January 2011. The promoters proposed to sell 14.6 million shares and issue 58.19 million fresh shares in the public offer. For managing the IPO, it had hired SBI Capital Markets and Enam Securities.
Incorporated in 1996, Indian Oiltanking is a 50:50 JV between Indian Oil Corporation and Germany's Oiltanking GmBH. It entered into the upstream services business in 2008 with the acquisition of Newsco Directional & Horizontal Drilling Services (Asia) Inc., provider of directional drilling services in India. IOT currently holds 75% stake in Newsco Asia.
It operates its EPC Business primarily in India and Oman. It also has offices in Indonesia and Dubai. Clients of its EPC Business include Indian Oil, Oiltanking Odfjell Terminals & Co. LLC, OIL, ONGC, Doosan, Anrak Aluminium Limited and HPCL.
According a CRISIL rerport, In India, capital investments in the upstream and downstream oil and gas sector are expected to grow with investments of approximately Rs. 2,773.00 Bn and Rs. 1,935.00 Bn are expected to be made between 2009-2010 to 2013-2014, respectively.
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