Adani Ports and SEZ spurts on incorporating wholly owned subsidiary

Adani Ports and Special Economic Zone jumped 6.73% to Rs 599.80 after the company said that its step down subsidiary, Adani Agri Logistics (AALL) has incorporated a wholly owned subsidiary in the name of PU Agri Logistics.

PU Agri Logistics has been incorporated as a wholly owned subsidiary of AALL on 25 February 2023, for the purpose of development, design, construction, financing, procurement, engineering, operation and maintenance of silo complexes (spoke silo complex) without container depot on design, build, finance, own and operate basis under public-private partnership (PPP) mode at twenty six locations in Punjab.

AALL incorporated PU Agri Logistics with an initial authorised and paid-up share capital of Rs 5 lakh each and said that it is yet to commence its business operations.

PU Agri is incorporated in India and registered with Registrar of Companies, Gujarat at Ahmedabad on 25 February 2023, said the company.

Adani Ports & Special Economic Zone (APSEZ) is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.

The company's consolidated net profit declined 16.05% to Rs 1,315.54 crore as against Rs 1,567.01 crore posted in Q3 FY22. Revenue from operations stood at Rs 4,786.17 crore in the quarter ended 31 December 2022, registering a growth of 17.54% to Rs 4,071.98 crore reported in Q3 FY22.

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