The Company is a Special Purpose Vehicle incorporated in the year 2009 for setting up of Crude and Product Storage Facilities on Build-Own-Operate-Transfer (“BOOT”) basis for meeting the storage and handling requirements of crude oil and finished products for the 15 Million Metric Tonnes per Annum (MMTPA) Grass Root Refinery of Indian Oil Corporation Limited (IOCL) at Paradip in the state of Odisha. Accordingly, the Company has entered into the BOOT Agreement dated 28th June 2010 with IOCL under which the Company is responsible for the Operation and Management of the Tankages Facilities along with terminal for the period of 15 (fifteen) years . Adani Ports and Special Economic Zone Limited has acquired 10% equity stake in the Company on 31st January 2023. Adani Ports and Special Economic Zone also holds 49.38% equity stake in the Holding Company of IOT Utkal Energy Services Limited with effect from 31st January 2023.