India’s Adani Ports Acquires 80% Stake in Dubai’s Astro Shipping for $185 Million
The biggest private port operator in India, Adani Ports and Special Economic Zone (APSEZ) stated that it will acquire an 80% stake in Dubai-based Astro Offshore, an offshore supply vessel company in a deal worth $ 185 million or 1551 crores.
The move was intended to expand its fleet, increase earnings and become one of the biggest marine operators in the world, mentioned Ashwani Gupta, CEO of APSEZ.
He also said that Astro would add 26 vessels to their present fleet comprising 142 tugs and dredgers, making it 168 ships in total and also give them access to several significant customers in the region, strengthening their presence in the Indian subcontinent, Far East Asia and the Arabian Gulf.
Gupta mentioned the company’s aim to expand globally and revitalise the maritime trade route between Southeast Asia, India, the Middle East, East Africa, and North Africa. In line with this strategy, the company is exploring opportunities in Southeast Asia.
The agreement valued Astro Shipping at 235 million dollars.
The company handles offshore construction and serves clients like Saipem, McDermott and NMDC. It also specialises in offshore structures and supports drilling, exploration, dredging and land reclamation projects.
Adani Ports has a major presence in the Middle East and Far East. In the former, the company, in collaboration with Gadot Group acquired Israel’s Port of Haifa in 2022 for 1.18 billion dollars, with Adani holding a 70% stake.
In the Far East, Adani Ports is planning to build a new port in Da Nang, Vietnam. They have got approval from the government and they also operate the Port of Colombo, Sri Lanka.
APSEZ plans to expand its operations in several segments of the maritime sector and apart from its main business of container cargo handling, it wants to diversify into liquid cargo, bulk cargo and specialised cargo handling.
It is also investing generously in developing infrastructure, like building new terminals and modernising the old facilities.
References: Business Standard, Economic Times
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