Adani Ports and Special Economic Zone Ltd of the Adani Group has acquired 97 per cent stake of Marine Infrastructure Development Pvt Ltd, a L&T Group company, for a consideration of ₹1,950 crore in cash, to takeover Kattupalli non-major port at Ennore. The balance 3 per cent will be held by the Tamil Nadu Industrial Development Corporation on behalf of the Tamil Nadu government.

On Wednesday, APSEZ signed share purchase agreement between Larsen and Toubro Ltd, Marine Infrastructure Developer Pvt Ltd, L&T Shipbuilding Ltd and Adani Kattupalli Port Pvt Ltd to acquire the stake of Marine Infrastructure Developer.

The acquisition will help the company develop the container terminal operation which it has been operating since November 2015.

For the financial year 2017-18, the the terminal handled 500,000 TEUs (twenty foot equivalent units), up 44 per cent over the previous year’s volume of 348,000 TEUs.

In 2015-16, the terminal handled 115,227 TEUs. APSEZ also plans to provide bulk terminal and marine operations.

The port comes under the administrative control of the Tamil Nadu Maritime Board

L&T will continue to own the adjacent shipbuilding facility at Katupalli.

Out of the ₹1,950 crore, a sum of ₹388 crore was to acquire the shares and the balance amount towards settlement of liabilities of Marine Infrastructure Developer, according to a communication issued by APSEZ to the BSE.

In February 2016, the Tamil Nadu government gave its approval for the Adani’s proposal to acquire the port.

Subsequently, relevant approvals from the Ministry of Forest and Environment, Tidco, Tamil Nadu Maritime Board and SEZ authorities were obtained.

Kattupalli port, located 30 km north of Chennai, has the hinterland of North Tamil Nadu, Chennai and Bengaluru regions and the highly industrialised south Andhra Pradesh.

APSEZ scrip on the BSE closed at ₹362.40, down by 0.63 per cent.

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