Adani Ports to Sell 49% Stake in Ennore Container Terminal for Rs 247 Crore

15 Dec 2023 , 01:45 PM

Adani Ports and Special Economic Zone Ltd plans to sell a 49% stake in Adani Ennore Container Terminal.

Terminal Investment Ltd (TIL), the container terminal arm of Mediterranean Shipping Company, will acquire the stake for Rs 247 crore.

The acquisition will be carried out by TIL’s indirect subsidiary, Mundi Ltd, with the transaction expected to conclude in three to four months. This marks Adani Ports’ second collaboration with TIL, following a joint venture with Adani International Container Terminal Pvt Ltd (AICTPL) at Mundra Port.

Adani Ennore’s total enterprise value is estimated at Rs 1,211 crore.

After the deal, Adani Ports will retain a 51% stake in Adani Ennore, aiming to strengthen its strategic partnership in the growing container terminal market in the south.

The Ennore Container Terminal is poised to replicate the success of the AICTPL terminal, focusing on serving the trade needs of the South Indian market.

In FY 2023, Adani International Container Terminal processed 0.55 million TEUs, with the concession period extending until 2044, allowing potential capacity expansion to 1.4 million TEUs. Adani Ports shares were trading at Rs 1,077 apiece, showing a 0.21% increase as of 11 am on December 15.

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