UTI Capital bought 4% stake in Indian Oiltanking

UTI Capital buys 4% in Indian Oiltanking for Rs 100 Cr
(Courtesy: The Economic Times, New Delhi, December 14, 2011)

UTI’s private equity arm, UTI Capital, has bought 4% stake in Indian Oiltanking, a joint venture between state-run IndianOil and Germany’s Oiltanking GMBH, for Rs 100 crore.

Indian Oiltanking, which builds operating terminals and storage facilities for petroleum products, will use the proceeds to fund its upcoming storage terminal in Paradip and for its overseas EPC projects, said Jayanta Bhuyan, managing director, Indian Oiltanking. “We have been looking at raising funds from private equity players primarily to fund our expansion plans.”