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Indian Oiltanking Limited acquires 54.90% stake in Stewarts & Lloyds of India Limited from Tata Steel
Indian Oiltanking Limited (IOTL) and Tata Steel (TISCO) today announced that they entered into an agreement by which IOTL has purchased 54.90% stake in Stewarts &Lloyds of India (S&L) held by TISCO along with its subsidiaries Kalimati Investment Company Limited and Tata Refractories Limited.
S&L is based at Kolkata and is a strong player in piping construction business. For the FY 03-04 S&L had a revenue of 54 Crores. The sale by TISCO was part of their ongoing exercise on portfolio restructuring. IOTL has purchased the shares at Rs. 25 a share.
Indian Oiltanking Limted (IOTL) is a 50:50 joint venture between Indian Oil Corporation Limited and Oiltanking GmbH of Germany. IOTL provides independent as well as dedicated terminal ling services from its own terminals well as O&M services for third parties terminals. IOTL is also engaged in Design, Engineering and Construction of petroleum and chemical terminals, refinery and power plant offsite facilities, cross country pipelines and marine facilities in India and abroad.