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.Adani Group, the tycoon’s power-to-ports conglomerate, is among suitors that have been evaluating Rotterdam-based VTTI, according to the people. A deal could value the company at around $3.4 billion, they 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%. Adnoc is considering selling out of VTTI completely and the other co-owners may also look to reduce their positions in the company in any deal, the people said, asking not to be identified discussing confidential information.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 terminals used to store fuels and chemicals, including fossil fuels, biofuels and solvents. The company has a global presence. Adani Group’s portfolio houses infrastructure assets including airports, roads and data centers, as well as mining and defense assets. Its founder is India’s wealthiest person with an estimated net worth of about $105.7 billion, according to the Bloomberg Billionaires Index.Listed flagship Adani Enterprises in July raised Rs 15,000 crore ($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. Adani Group has been looking at acquisitions overseas to help accelerate growth. It recently explored the acquisition of a stake in Associated British Ports, the UK’s largest port operator, people with knowledge of the matter have said.
