Adani Group company Adani Ports and Special Economic Zone Limited (APSEZ) said on Friday that it has signed an agreement to buy 80 percent stake in a firm. The company has made this deal with global company Astro for $ 185 million in cash. Which means that a deal has been done for $ 185 million (Rs 1552 crore) to buy 80 percent stake in this company. Adani Ports said that after this transaction, the value of the company is expected to increase from the first year itself.
Astro is a leading global offshore support vessel (OSV) operator in the Middle East, India, Far East Asia and Africa. Astro has a fleet of 26 OSVs including Anchor Handling Tugs (AHT), Flat Top Barges, Multipurpose Support Vessels (MPSV) and Workboats and provides vessel management and complementary services.
Adani’s company will be strengthened by the acquisition of Atro
APSEZ Director and CEO Ashwani Gupta said that the acquisition of Astro is part of our roadmap to become one of the world’s largest marine operators. Astro will add 26 OSVs to our existing fleet of 142 tugs and dredgers, taking the total number to 168.
The acquisition will give us access to an impressive list of Tier-1 customers, while further strengthening our presence in the Arabian Gulf, Indian Subcontinent and Far East Asia. We look forward to working closely with Astro’s leadership team and further expanding the existing platform.
The stock rose on Friday
Adani Ports’ stock on BSE closed 0.46% higher at Rs 1482.65 on Friday, while last time it closed at Rs 1475.85. The company’s market cap was Rs 3.20 lakh crore. Let us tell you that this Adani stock has given a return of 81 percent in the last one year. In five years, this stock has gained 305.25 percent.
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Source (PTI) (NDTV) (HINDUSTANTIMES)