Adani Ports Submits $3.3 Billion Bid for Evos Terminals

Adani Ports and Special Economic Zone Ltd has submitted a binding $3.3 billion offer for Evos Terminals, targeting eight liquid-storage terminals across five European countries with combined capacity of 6.4 million cubic metres. The proposed acquisition would expand Adani Ports' overseas network and add European energy-logistics infrastructure to its portfolio.

What has Adani Ports offered for Evos Terminals?

Adani Ports has made a binding offer of about $3.3 billion, or roughly €3 billion, for Evos Terminals. The offer was submitted through a formal sale process being run by Morgan Stanley for Evos owner Igneo Infrastructure Partners. A final decision on the sale is expected in the coming weeks, according to people familiar with the process.

Evos is a European liquid-storage and terminals operator owned by Igneo, the infrastructure investment arm linked to First Sentier Group. Its assets include eight tank terminals located at seven ports in five countries. The facilities handle products including gasoline, diesel, biodiesel, sustainable aviation fuel, bioethanol and e-methanol.

The sale process has attracted interest from a range of financial and strategic investors. Reported bidders and interested parties include KKR, EQT, Macquarie, Goldman Sachs Alternatives, BlackRock, CPP Investments, LBC Tank Terminals, Chane and Exolum. Adani Ports submitted its binding offer earlier in the auction process's final stages.

Neither Adani Ports, Evos nor Igneo responded to queries on the reported transaction. The binding bid does not confirm that a transaction will be completed, as the seller must select a buyer and the proposed acquisition may require relevant approvals.

Why is Evos Terminals important to Adani Ports?

Evos would give Adani Ports a direct presence in Europe's liquid-storage market, where terminals provide storage and handling services to oil traders, fuel companies and other customers under long-term arrangements. Its 6.4 million cubic metres of storage capacity would add a new energy-logistics business alongside Adani Ports' existing port and cargo operations.

The assets can handle both conventional fuels and products associated with lower-carbon fuel supply chains. Biodiesel, sustainable aviation fuel, bioethanol and e-methanol are among the products stored at Evos facilities. This cargo mix is relevant as energy suppliers and transport users develop infrastructure for alternative fuels while continuing to handle established petroleum products.

Adani Ports already operates 15 ports and terminals in India. Overseas, it has four facilities in Israel, Tanzania, Sri Lanka and Australia. An Evos acquisition would therefore broaden its geographic footprint into western Europe and add storage terminals rather than only port assets.

The company has been seeking opportunities beyond India as it assesses cargo mix and potential investment returns in overseas assets. The reported bid follows its unsuccessful attempt to acquire Associated British Ports, underlining its interest in international ports, container assets and liquid-terminal infrastructure.

What are the key facts about the proposed Evos acquisition?

The proposed transaction centres on a $3.3 billion binding offer for a network of eight European tank terminals with 6.4 million cubic metres of combined capacity. The auction has been organised by Morgan Stanley on behalf of Igneo Infrastructure Partners.

The reported valuation reflects the scale of Evos's network and the competitive nature of the sale process. Liquid-storage infrastructure has drawn attention from investors because it supports fuel distribution, trade flows and inventories that are important to energy security.

The facilities are also positioned within a market affected by geopolitical disruption and supply concerns. These factors have increased focus on infrastructure that can store, blend and distribute a range of energy products across major trade routes.

How could the bid affect Adani Ports and the wider energy-logistics market?

If selected as the buyer, Adani Ports would add a European platform that could connect its Indian operations with West Asian routes and western European terminals. The transaction could diversify the company beyond an India-centric operating base, although the acquisition has not been confirmed and no completion timetable has been disclosed.

The bid comes when Adani Ports has said that India trade growth of 3% weighed on overall volumes and that the trading environment had not fully normalised. The group has also reported that political conflict near key trade routes affected domestic port volumes, adding to the importance of diversification across cargo categories and geographies.

At the same time, Adani Ports is continuing to invest in domestic assets. Management raised FY27 capital-expenditure guidance to Rs 15,000 crore to Rs 17,000 crore from an earlier range of Rs 12,000 crore to Rs 14,000 crore. Mundra, Dhamra, Hazira and Vizhinjam are among the Indian ports where investment is being accelerated.

For the broader sector, the auction demonstrates continuing investor interest in energy-storage infrastructure. Evos's ability to store established fuels as well as sustainable aviation fuel and e-methanol gives potential buyers exposure to several fuel supply chains, rather than a single commodity category.

Conclusion

Adani Ports' $3.3 billion binding offer for Evos is a significant attempt to build a larger international energy-logistics presence. The target's eight terminals, spread across five countries and offering 6.4 million cubic metres of capacity, would add European liquid-storage assets to Adani Ports' network of Indian and overseas port facilities.

The next development is the seller's decision in the Morgan Stanley-led process, which is expected in the coming weeks. Investors will also watch whether Adani Ports provides further details on transaction terms, funding and any approval requirements, while the company continues its planned FY27 domestic capital expenditure.