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Sep 22, 2010 10:00 AM

IOT Infrastructure & Energy Services Ltd (IOT) and Katoen Natie announced a joint venture to develop new ventures in storage, handling, packing, and transportation services for polymers and solid specialty chemicals in India. It combines the polymers and solid specialty chemicals expertise of Katoen Natie and IOT’s indepth knowledge of the Indian market.

With this joint venture Katoen Natie realizes its strategy to move onto the Indian subcontinent. IOT on the other hand continues to diversify its terminaling business into the field of polymers and solid specialty chemicals storage, handling, packing, and transportation.

The joint venture will be based out of Mumbai, and Katoen Natie will hold a 51% interest; IOT’s interest will be 49%.

IOT is a joint venture between Indian Oil Corporation Ltd and Oiltanking GmbH, an independent tank storage provider for petroleum products, chemicals, and gases worldwide. IOT operates a portfolio of businesses, comprised of the EPC business, terminaling, and upstream services and has taken steps to enter into the renewable energy business. IOT offers an array of services to the oil and gas industry.

Founded in 1854 as a cooperative that handled and stored commodities such as cotton, coffee, cocoa, and wool, Katoen Natie is a company with 9,300 employees in 28 nations.