Adani Ports Stock Price: Adani Ports and Special Economic Zone Ltd, the port and logistics company of the Adani Group, has decided to buy 80 percent stake in the global offshore supply vessel operator, Astro Offshore Group, for $185 million, which will be completed in an all-cash deal. The existing promoter of the company will retain 20 percent stake. Adani Ports said that Astro is a leading offshore supply vessel operator (OSV operator).
In a regulatory filing with the stock exchanges, Gautam Adani’s Adani Ports said that the company has signed an agreement to buy 80 per cent stake in Astro, which will be completed in an all-cash deal of $185 million. According to the company, the company will start creating value from the first year of this transaction. Astro was founded in 2009 and is a leading offshore supply vessel operator in the Middle East, India, East Asia and Africa. Astro has 26 offshore supply vessels and its customers are from EPC, oil and gas, and renewable industries. The company’s tier-1 customers include NMDC, McDermott, COOEC, L&T and Saipem.
Astro’s revenue for the year ended April 30, 2024 was $95 million while EBITDA was $41 million. Astro is a net cash positive company. Through this acquisition, Adani Ports & SEZ aims to become the world’s largest marine operator. Astro will expand Adani Ports’ global marine portfolio and add new tier-1 customers to the roster.
Ashwani Gupta, Wholetime Director and CEO, Adani Ports and SEZ, said, “The acquisition of Astro is part of our roadmap to become the world’s largest marine operators. Astro’s 26 OSVs will join our existing fleet of 142 tugs and dredgers, taking the total number to 168.”
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