Adani Ports and Special Economic Zone said on Friday it will buy a majority stake in an offshore support vessel operator for $185 million, expanding its fleet and diversifying beyond port operations.
Astro Offshore, in which Adani Ports will buy an 80% stake, owns a fleet of 26 vessels including barges and workboats, counting miner NMDC and construction bellwether Larsen and Toubro as its customers.
"Astro will add... to our current fleet of 142 tugs and dredgers... (and) the acquisition will also give us access to an impressive roster of tier-1 customers," Adani Ports CEO Ashwani Gupta said in a statement.
The deal comes as India's largest private port operator aims to grow its presence beyond its mainstay port operations to maintain its sector lead against smaller rivals JSW Infrastructure and Gujarat Pipavav.
The acquisition is expected to close within a month with no requirement of regulatory approvals, Adani Ports added.
(Reuters - Reporting by Hritam Mukherjee; Editing by Nivedita Bhattacharjee)
