VTTI, which operates terminals that store fossil fuels, bio‑fuels and solvents across the globe, is currently owned by IFM Investors and Vitol, each holding 45%, with Abu Dhabi National Oil Company holding 10%.
Adnoc is reportedly looking to divest its stake, and other shareholders may also reduce their positions, according to sources who asked to remain anonymous.
The bid comes after Adani Group’s recent capital raise of Rs 15,000 crore ($1.6 billion) through institutional investors, which the conglomerate plans to use for potential acquisitions and debt servicing.
Adani’s expansion strategy has included a prior attempt to buy a stake in UK port operator Associated British Ports, and the current VTTI deal could diversify its energy logistics portfolio.
With the deal still in preliminary talks, market analysts warn that a final agreement could alter the competitive landscape for European energy storage and trading.