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Gautam Adani: After the Hindenburg report, the Adani Group has again started expanding its scope. Group company Adani Ports and Special Economic Zone (APSEZ) has acquired another company. The Adani Group said it has entered into a definitive agreement to acquire an 80 percent stake in global OSV operator Astro Offshore. This all-cash deal has been done for $185 million. Astro is an offshore supply vessel operator, operating in the Gulf countries, India, East Asia and Africa. The company has 26 vessels, including anchor handling tugs and multi-purpose support vessels. It provides vessel management and related services.
- Another global company joins the Adani Group
- APSEZ buys 80% stake in Astro
- Astroni has a large fleet of 26 ships in total
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 company. The company has signed a partnership deal with global company Astro for $185 million in cash. That is, a deal has been struck for $185 million (Rs 1552 crore) to buy 80 percent stake in this company. Adani Port said that after this agreement, the value of the company is expected to increase in the first year.
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 comprising anchor handling tugs (AHTs), flat top barges, multi-purpose support vessels (MPSVs) and workboats and provides vessel handling and ancillary services.
This acquisition will give us access to an impressive list of Tier-1 customers, 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 building on the existing platform.
Acquisition of Atro will strengthen Adani's company
APSEZ Director and CEO Ashwani Gupta said 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.
On Friday, the stock rose 0.46% to Rs. 1482.65 on BSE, while last time it was Rs. 1482.65. It closed at 1475.85. The market cap of the company was Rs. 3.20 lakh crore. Let us tell you that this share of Adani has given a return of 81 percent in the last one year. In five years, this share has increased by 305.25 percent.
