Mediterranean Shipping co acquires 49% stake in Adani Ports' arm
Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday announced that it has entered into a second strategic partnership with Mediterranean Shipping Company's (MSC) arm, Terminal Investment Limited (TiL), for the operation of Adani Ennore Container Terminal Pvt Ltd (AECTPL).
Notably, TiL is an associate of MSC, the world’s largest container shipping line. The company through its subsidiary Mundi Ltd is set to acquire a 49 per cent in AECTPL from APSEZ for Rs 247 crore.
This marks the second joint venture between the giants after the 2013 joint venture with TiL for Adani International Container Terminal Pvt Ltd (AICTPL), which operates CT3 Container Terminal at Mundra Port, the largest private commercial port in India.
“With this second joint venture, we are now further deepening this strategic partnership in one of the fastest growing container terminal markets in the south. We aim to replicate the AICTPL terminal’s success at the Ennore Container Terminal and service the trade needs of the South Indian market,” saidKaran Adani, CEO and Whole Time Director of APSEZ.
The Adani flagship informed via a press release that the total enterprise value of AECTPL is Rs 1,211 crore.
«The transaction is subject to regulatory approvals.
After the completion of the transaction, APSEZ would hold 51% stake in AECTPL,» the company added.
AECTPL boasts to have a quay length of 400 meters and an annual handling capacity of 0.8 Mn TEUs. Located on India’s east coast, the terminal handled 0.55 Mn TEUs in FY23 and 0.45 Mn TEUs in the initial eight months of the current fiscal year, as per the company.
