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.
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.
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 the
balance Rs 15.62 billion is towards the settlement of liabilities of MIDPL.
2016-17, MIDPL has clocked a revenue of Rs 986.4 million, while in 2017-18 it
acquisition will further strengthen Adani's presence in East Coast and will
enable the company to develop container terminal operation to increase market
share in container, bulk terminal operation and marine services.