NCLT approves APSEZ's composite scheme to acquire Sarguja Rail Corridor

Adani Ports and Special Economic Zone (APSEZ) on Sunday said the company's composite scheme to acquire Sarguja Rail Corridor Pvt Ltd (SRCPL) has been approved by the National Company Law Tribunal (NCLT) and will be effective from the appointed date of April 1, 2021.

APSEZ in a statement said the company will now consolidate all rail assets under a single business entity Adani Tracks Management Services Pvt Ltd.

"This consolidation allows APSEZ, which is targeting 2,000 km of track length by 2025, to participate in Indian Railways PPP (public-private partnership) projects without having to compete with similar businesses in the Adani portfolio, a position that is in full alignment with the equity interest of minority shareholders," it said.

The statement said that once consolidated, SRCPL will add Rs 450 crore or five per cent of APSEZ's total Ebitda (earnings before interest, tax, depreciation and amortisation).