Adani Group is exploring a potential acquisition of Dutch energy storage company VTTI in a deal that could value the business at approximately €3 billion (US$3.4 billion), according to a Bloomberg report. The potential transaction could expand the Indian conglomerate’s international energy infrastructure portfolio as global supply disruptions increase the strategic importance of fuel storage facilities.
Adani Group is among the prospective buyers evaluating VTTI, which is headquartered in Rotterdam, the Netherlands. Discussions are ongoing, and there is no certainty that they will result in a transaction. Other potential bidders are also pursuing an investment in the company.
VTTI’s Global Energy Storage Operations
VTTI operates a global network of terminals used to store fuels and chemicals, including fossil fuels, biofuels and solvents. Its infrastructure supports energy storage and trading activities across international markets.
The company’s ownership is divided among Australian infrastructure investment manager IFM Investors and energy and commodities group Vitol, which each hold approximately 45% stakes, while Abu Dhabi National Oil Company (ADNOC) owns the remaining 10%.
ADNOC is considering a complete exit from VTTI, while the other shareholders may also explore reducing their stakes as part of a potential transaction, according to people familiar with the discussions.
Representatives of IFM Investors, ADNOC and VTTI declined to comment on the discussions. Vitol did not immediately respond to requests for comment, while an Adani Group representative had not immediately responded to queries at the time of the report.
Adani Group Expands Overseas Acquisition Plans
The potential acquisition would add to Adani Group’s international expansion efforts across infrastructure and energy-related businesses. The conglomerate’s portfolio includes airports, roads, data centres, mining and defence assets, alongside its power and port operations.
In July 2026, Adani Enterprises, the group’s flagship listed company, raised ₹15,000 crore through institutional investors to support capital expenditure and potential debt repayment.
The group has also explored overseas infrastructure acquisitions. It recently considered acquiring a stake in Associated British Ports, the UK’s largest port operator. However, IFM Investors ultimately secured the transaction in October 2026, with the deal valuing the business at approximately £10 billion (US$13.4 billion).
Potential Implications for Energy Storage Infrastructure
A potential investment in VTTI would give Adani Group access to an established international network of fuel and chemical storage terminals. Such facilities play a role in storing energy commodities, supporting supply chains and facilitating trading across global markets.
However, VTTI’s operations primarily involve fuel and chemical storage infrastructure rather than battery energy storage systems (BESS). Any acquisition would therefore represent an expansion into conventional energy storage and terminal infrastructure, rather than directly adding battery manufacturing or grid-scale battery storage capacity.
The proposed transaction remains under consideration, with the final outcome dependent on negotiations among the prospective buyer and VTTI’s existing shareholders.
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