CHENNAI: Adani Ports and Special Economic Zone Ltd (APSEZ) has sold 49% stake in Adani Ennore Container Terminal Pvt Ltd (AECTPL) for an equity consideration of Rs 247 crore.
Terminal Investment Ltd (TiL), an associate of MSC Mediterranean Shipping Company (MSC), will acquire shares through its fully-owned subsidiary Mundi Ltd.
Post deal, APSEZ would hold 51% stake in Ennore Container Terminal, which has the total enterprise value of Rs 1,211 crore.
The transaction is expected to be complete within 3-4 months. Ennore terminal has an annual handling capacity of 0.8 million TEUs ( Twenty-foot Equivalent Units). The terminal handled 0.55 Mn TEUs in FY23 and 0.45 million TEUs in the initial eight months of the current fiscal year.
Adani International Container Terminal Pvt Ltd (AICTPL), which operates CT3 Container Terminal at Mundra Port, is a joint venture.
“We aim to replicate the AICTPL terminal’s success at the Ennore Container Terminal and service the trade needs of the South Indian market,” said Karan Adani, chief executive of APSEZ.
Ammar Kanaan, CEO of Terminal Investment, said, “This association will enable us to further improve TiL’s presence in one of the world’s fastest growing economies and strengthening our offering to customers in the Indian subcontinent.”