Adani Ports Eyeing Acquisitions
By Aiswarya Lakshmi
Tuesday, February 23, 2016
India’s biggest private port operator Adani Ports and Special Economic Zone (APSEZ) is actively looking at acquisitions to complete its “string of pearls” ports strategy, reports Livemint. CEO Karan Adani is leading the drive, it adds.
In India, Adani Port is looking to expand its presence in Maharashtra and West Bengal, according to the paper. In overseas markets, the company is scouting for opportunities in Sri Lanka, Bangladesh, the US and Europe, apart from the ports planned in Australia.
“The overall objective is to make the group a trans-shipment port company,” one company executive has been quoted as saying. Some of the company’s key acquisitions so far include Vizhinjam port in Kerala and Dhamra port in Odisha.
APSEZ, a part of Adani Group, has recently raised Rs 750 crore through non-convertible debentures (NCDs) on a private placement basis.
Its total income from operations rose to Rs 1,717.86 crore during the December quarter as against Rs 1,548.45 crore in the corresponding period of the previous fiscal year.
Karan Adani, Chief Executive Officer of APSEZ, said "We are focusing on improving top line and bottom line of the company by improving operational efficiency through use of technology, better cargo mix and by bringing down net finance cost."
The Adani Group is one of India's leading business houses with revenue of over $10 billion. It also has a joint venture with CMA CGM group of France for developing a terminal at Mundra.