Speculation over Adani bid for Pipavav

Port Pipavav APSEZ may look to acquire a controlling stake of 51% or more in Port Pipavav, according to sources
Industry Database

Gautam Adani’s Adani Ports and Special Economic Zone Ltd (APSEZ) is looking to acquire a 43.01% stake in Gujarat Pipavav Port Ltd (GPPL) from APM Terminals, India-based news website Livemint has reported.

Talks concerning the Indian port have been initiated with APM Terminals already, said the online publication.

When contacted by Port Strategy, APM Terminals said: “In the normal course of business, APM Terminals’ strategy is to continuously review and optimise its existing global portfolio as well as explore new investment opportunities. We are always looking at opportunities to grow the business and improve shareholder value.

“We do not comment on market rumours and speculation.”

If the acquisition goes ahead, APSEZ may look to acquire a controlling stake of 51% or more, according to three people close to the development, said Livemint.

Apart from port operator APM Terminals, foreign institutions hold a 37.19% stake and Indian institutions hold 13.34% of GPPL, with non-promoter holding accounting for 1.79%. Around 4.67% of the port is owned by the public and others, reported Livemint.

APM Terminals, part of the AP Moller-Maersk Group, which is looking to exit the project, has hired HSBC to advise it on the deal, said two of the three sources, according to Livemint.

The company has also allegedly launched a bidding process in which Adani Group has participated.

GPPL has set up a joint venture company, Pipavav Railways Corporation, with the equity participation of the ministry of railways. APM Terminals is looking to exit this venture, said one of the two officials, Livemint stated

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