Adani Ports to acquire 97% stake in Marine Infrastructure for Rs 19.50 bn

The acquisition will strengthen Adani's presence in East Coast and will enable the company to develop container terminal operation to increase market share

Adani Ports has decided to buy 97 per cent stake in Marine Infrastructure, which oversees operations of  Kattupalli Port near Chennai, for an enterprise value of Rs 19.50 billion.

The company has signed Share Purchase Agreement with Larsen & Toubro (L&T), Marine Infrastructure Developer Pvt Ltd (MIDPL) and L&T Shipbuilding to acquire 97 per cent stake of Marine Infrastructure Developer Pvt Ltd, which is engaged in constructing, maintaining, developing and operating the port.

The consideration is in the form of cash. Of the Rs 19.50 billion enterprise value, Rs 3.88 billion is the consideration for the acquisition of shares and