Adani Ports To Sell 49% Stake In Container Terminal Arm For Rs 247 Crore
The total enterprise value of Adani Ennore stands at Rs 1,211 crore.
Adani Ports and Special Economic Zone Ltd. will sell 49% stake in Adani Ennore Container Terminal Pvt. for Rs 247 crore.
Terminal Investment Ltd., the container terminal operating and investing arm of Mediterranean Shipping Co., will purchase the stake through its indirect subsidiary Mundi Ltd., Adani Ports said in an exchange filing on Friday. The deal is expected to be closed in three to four months.
The total enterprise value of Adani Ennore stands at Rs 1,211 crore. Located on India’s east coast, the container terminal has a quay length of 400 metres and an annual handling capacity of 0.8 million twenty-foot equivalent units.
The terminal handled 0.55 million TEUs in FY23 and 0.45 million TEUs in the initial eight months of the current fiscal year. The concession period of the terminal is until 2044, and its annual capacity can be extended to 1.4 million TEUs.
Adani Ports already has a joint venture with Terminal Investment that operates CT3 Container Terminal at the Mundra Port.
“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 officer and whole-time director at Adani Ports.
“This association will enable us to further improve TiL’s presence in one of the world’s fastest growing economies and strengthen our offering to customers in the Indian subcontinent.” said Ammar Kanaan, CEO of Terminal Investment.
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