Adani Group is exploring a potential VTTI acquisition that could value the Dutch energy storage company at around €3 billion ($3.4 billion), people familiar with the matter said on October 28, 2026. Discussions are ongoing, and there is no certainty they will result in a transaction.

Key Takeaways

  • Adani is among several suitors evaluating the Rotterdam-based terminal operator.
  • ADNOC is considering selling its entire stake, while the other owners may reduce their holdings.

VTTI acquisition discussions

The potential valuation relates to the company as a whole; the people familiar with the matter did not specify the size of the stake Adani might acquire. Other bidders have also been pursuing a stake in VTTI, they said.

The company operates terminals around the world that store fuels and chemicals, including fossil fuels, biofuels and solvents. Adani Group’s portfolio includes infrastructure assets such as airports, roads and data centers.

Ownership and possible stake sales

VTTI’s governance page lists IFM, Vitol entities and Abu Dhabi National Oil Company (ADNOC) among its indirect owners. IFM Investors and Vitol each hold around 45%, while ADNOC holds the remaining 10%.

ADNOC is considering selling its holding completely, and the other owners may also reduce their positions in a deal, the people familiar with the matter said. No agreement or completion has been announced.

IFM, ADNOC and VTTI declined to comment. Representatives for Adani Group and Vitol did not immediately comment.

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