Indian Company Adani Ports To Acquire 80% Stake In Dubai-Based Astro Shipping For $185 Million
Adani Ports and Special Economic Zone (APSEZ), India’s largest private port operator, has announced that it will acquire 80% stake in Dubai-based offshore supply vessel company Astro Offshore in a deal valued at $185 million (Rs 155.1 crore).
APSEZ CEO Ashwani Gupta said the move aims to expand the company’s fleet and increase profits to become one of the world’s largest maritime operators.
He also said that Astro will add 26 vessels to its current fleet of 142 tugboats and dredgers, taking the total number of vessels to 168. This will enable Astro to reach out to many key regional customers, strengthening its presence in the Indian subcontinent, the Far East, East Asia, and the Persian Gulf.
Gupta pointed out the company’s global expansion goals and revitalised maritime trade routes between Southeast Asia, India, the Middle East, East Africa and North Africa. The company is looking for Southeast Asian opportunities that align with this strategy.
The deal values Astro Shipping at $235 million.
The company builds ships and specialises in marine structures, supporting drilling, excavation, dredging, and reclamation projects. Its clients include Saipem, McDermott, and NMDC.
Adani Ports has a strong presence in the Middle East and Far East. The first case is that the company has partnered with Jadot Group to acquire Israel’s Haifa Port for $1.18 billion in 2022, with Adani holding a 70% stake.
In the Far East, Adani Ports plans to build a new port in Da Nang, Vietnam. They have received government approval and operate the Port of Colombo, Sri Lanka.
APSEZ plans to expand its presence in different areas of the maritime sector and diversify into liquid cargo, bulk, and specialised cargo handling in addition to its core business of container cargo handling.
It also invests heavily in infrastructure development, such as building new stations and upgrading old facilities.
