CHENNAI: Country’s leading port developer Adani Ports and Special Economic Zone Ltd (APSEZ) is all set to acquire 97 per cent stake in Marine Infrastructure Developer Private Limited (MIDPL)- the developer and operator of Kattupalli Port near Chennai for Rs 1950 crore.
“The Company has signed Share Purchase Agreement on June 27, 2018 between Larsen and Toubro Limited, Marine Infrastructure Developer Private Limited, L8T Shipbuilding Limited and Adani Kattupalli Port Private Limited to acquire 97 per cent stake of Marine Infrastructure Developer Private Limited,” APSEZ said in a regulatory filing.
Of the total amount, Adani will be paying Rs 1,562 crore towards settlement of dues of MIDPL, while Rs 388 crore is the consideration for the acquisition for the share. MIDPL was incorporated on January 22, 2016, and had Rs 98.64 crore revenue in 2016-17, the filing said.
The balance 3 per cent will be held by Tamil Nadu Industrial Development Corporation on behalf of the Tamil Nadu Government.
The firm said the acquisition will enable the company to develop container terminal operation to increase market share and provide container, bulk terminal operation and marine services.
“Adani Ports is committed to make Kattupalli port one of the largest ports in southern India. We are going to start our construction to diversify the cargo of the port and will be adding 40 MMT of new capacity in next 3 years,” Karan Adani, CEO of APSEZ said.
With backup area of 322 acres, Kattupalli port provides ample space for future expansion of port to facilitate trade requirements, the company said adding that it is one of the most modern ports in India, and emerging as a new gateway for EXIM trade in Chennai/Bangalore region.