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Adani Ports and Special Economic Zone Ltd (APSEZ) has signed a share purchase agreement with Larsen and Toubro Ltd, Marine Infrastructure Developer Pvt Ltd, L&T Shipbuilding Ltd and Adani Kattupalli Port Pvt Ltd to acquire 97 stake in Marine Infrastructure Developer for a consideration of Rs 1,950 crore in cash.
Out of the Rs 1,950 crore, Rs 388 crore will be used to acquire the shares and the balance amount towards settlement of the liabilities of Marine Infrastructure Developer, according to an announcement issued by APSEZ to the Bombay Stock Exchange.
The balance 3 per cent will be held by Tamil Nadu Industrial Development Corporation on behalf of the Tamil Nadu Government.
Adani Group now owns Kattupalli minor port (excluding Defence project) at Ennore. The acquisition will help the company develop container terminal operation to increase the market share and provide container, bulk terminal operation and marine operations.
The company shares ended the session down by 0.63 per cent at Rs 362.40 on the BSE.
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