Adani Enterprises Forms Joint Venture 'Smartport City' With Indoport Logistics
Smartport City aims to focus on the design, development, operation, and maintenance of airport cargo infrastructure, including integrated warehousing and warehouse management solutions.
Adani Enterprises Ltd. has announced the incorporation of a joint venture, Smartport City Ltd., through its wholly-owned subsidiary, Adani Airport Holdings Ltd, with Indoport. The official announcement was made on October 22, 2024.
Smartport City aims to focus on the design, development, operation, and maintenance of airport cargo infrastructure, including integrated warehousing and warehouse management solutions. The venture is expected to enhance Adani’s footprint in the burgeoning logistics sector, leveraging the growing demand for efficient cargo handling at airports.
The joint venture was established with an authorised and paid-up share capital of Rs 10 lakh, divided into 1 lakh equity shares of Rs 10 each. Adani Airport Holdings holds a substantial 74% stake in SCL, with shares acquired at face value.
According to the company's disclosure, Smartport City is yet to commence business operations, and as such, does not have any reported turnover. The incorporation is viewed as a move to strengthen Adani's logistics capabilities amid increasing demands for cargo infrastructure.
No regulatory approvals were required for the formation of this joint venture, and it is not classified as a related party transaction. This venture aligns with the ongoing expansion of Adani's portfolio in infrastructure and logistics, marking a significant step in enhancing its operational capabilities in the airport sector.
