DECEMBER 20239ADANI PORTS IN DISCUSSION TO BUY SHAPOORJI PALLONJI GROUP'S GOPALPUR PORTSAdani Ports and Special Economic Zone, India's biggest maritime company by market capitalization, is in advanced talks to acquire Shapoorji Pallonji Group's (SP) Gopalpur Ports in Odisha for up to Rs 1,100-1,200 crore in equity value as part of a neatly woven string-of-pearls strategy that involves owning considerable facilities along both the eastern and western water margins.If successful, this will be Adani Port's sixth acquisition of a multi-purpose facility on the eastern coast, where it already has approximately 247 million tonnes (MT) of capacity. The due diligence process is currently on, people aware of the talks told ET. SP Ports Maintenance holds 56 percent of Gopalpur Ports.The remaining stake is held by Orissa Stevedores (OSL). SP Ports, in turn, is 100 percent owned by SP Imperial Star, which also acts as its guarantor.However, people in the know said there is no guarantee the ongoing negotiations will eventually translate into a transaction. On October 26, ET reported that JSW Infrastructure was in talks with the Mistry family for the same asset at a Rs 3,000-crore enterprise valuation. Subsequent reports said private equity groups were also approached as the Mistry family was unhappy with the valuations offered. CEMENT MAKER AMBUJA CONCLUDES SANGHI INDUSTRIES ACQUISITIONAmbuja Cements, which is owned by the Adani Group, has completed the acquisition of Sanghi Industries for a total enterprise value of 5,185 crore, increasing the port-to-data-center conglomerate's total cement production capacity to nearly 75 million tonnes per annum (MTPA).In a block deal on the NSE on Dec 5, Ambuja Cements purchased approximately 133 million shares of Sanghi Industries worth Rs. 1,627 crore. The shares were purchased for $121.9 each. Sanghi Industries promoters Alok Sanghi, Aditya Sanghi, Sanghi Polymers, and Samruddhi Investors Services were among the sellers. Ambuja Cements also acquired approximately 7.3 million shares of Sanghi Industries in off-market transactions, bringing its total stake in the target company to nearly 141 million shares, representing a 54.51 percent stake.According to a statement from Adani Cements, a subsidiary of the Adani Group, the transaction was funded through internal accruals. Following the acquisition, the Adani Group now includes three publicly traded cement companies, including ACC.Adani Cements is India's second largest cement manufacturer, trailing only UltraTech Cement, which has nearly doubled its cement manufacturing capacity to nearly 138 MTPA. The deal gave the Adani Group clinker capacity of 6.6 MTPA, cement capacity of 6.1 MTPA, and limestone reserves of 1 billion tonnes. The 2,700-hectare Sanghipuram unit of Sanghi Cements is India's largest single-location cement and clinker production facility. It consists of two kilns, a dedicated 13 MW captive power plant, and a waste heat recovery system of 13 MW. The facility is linked to a captive jetty, which aids in seamless logistics. TOP STORY
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