Adani Ports unit completed the acquisition of an 80% stake in Astro Offshore

The largest commercial port operator in India, Adani Ports and Special Economic Zone Limited (APSEZ), handles almost 25% of all cargo movement in the nation. The most extensive national footprint with enhanced hinterland connectivity is exhibited by its presence in 13 domestic ports located in seven maritime states, namely Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha. The newest cargo handling infrastructure, available at the port facilities, is not only the best in its class but also able to handle the biggest vessels that call at Indian shores. Our ports are capable of handling a wide range of cargoes, including containers, liquid and dry cargo, and crude. APSEZ runs three logistics parks in Patli, Haryana; Kila-Raipur, Punjab; and Kishangarh, Rajasthan, through its subsidiary Adani Logistics Ltd. Adani Logistics is expanding quickly, with the capacity to handle 500,000 twenty-foot equivalent units (TEUs) per year.

APSEZ and Astro Offshore Group deal was finalized

This relates to our letter from August 30, 2024. We would like to notify you that the company’s step-down subsidiary, “The Adani Harbour International DMCC,” has successfully acquired an 80% stake in the Astro Offshore group.

About the Astro Offshore Group

Since 2009, Astro has been providing services to the offshore marine sector. Its fleet of offshore support vessels, which includes ocean-going tugs, AHTs, and barges, supports a variety of customers in important offshore oil and gas markets, from production and onshore construction to drilling support.

Sunrise Worldwide Enterprise Limited, BVI, is the sole owner of Astro Offshore Group (“Astro Group”), a significant global OSV operator in the Middle East, India, Far East Asia, and Africa. Astro Group offers vessel management and auxiliary services and has a fleet of 26 OSVs, including workboats, MPSVs, flat-top barges, and AHTs.

The stock of Adani Ports and Special Economic Zone Ld. fell 3%

The stock of Adani Ports and Special Economic Zone Ld. is currently trading at Rs. 1,311.60 per share, down over 3% today, and is currently trading at Rs. 1,304.15 per share.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.