Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Adani Ports to acquire 31.5% in Gangavaram Port from Warburg Pincus for Rs1,954 Cr

Posted On: 2021-03-03 09:39:21 (Time Zone: Arizona, USA)


The Adani Ports and Special Economic Zones (APSEZ) Ltd., India's largest private Ports & Logistics company and a key subsidiary of the diversified Adani Group, is acquiring the 31.5% stake held by Windy Lakeside Investment Limited (an affiliate of Warburg Pincus) in Gangavaram Port Limited (GPL). The acquisition is valued at Rs.1,954 Cr and subject to regulatory approvals.

GPL is located in the northern part of Andhra Pradesh next to Vizag Port. It is the second largest non major port in Andhra Pradesh with a 64 MMT capacity established under concession from Government of Andhra Pradesh (GoAP) that extends till 2059. It is an all weather, deep water, multi-purpose port capable of handling fully laden super cape size vessels of upto 200,000 DWT. Currently, GPL operates 9 berths and has free hold land of ~1,800 acres. With a master plan capacity for 250 MMTPA with 31 berths, GPL has sufficient headroom to support future growth.

GPL handles a diverse mix of dry and bulk commodities including Coal, Iron Ore, Fertilizer, Limestone, Bauxite, Sugar, Alumina, and Steel. GPL is the gateway port for a hinterland spread over 8 states across eastern, western, southern and central India.

In FY20, GPL had a cargo volume of 34.5 MMT, generated revenue of INR 1,082 Crs, EBITDA of INR 634 Crs (margin of 59%) and PAT of INR 516 Crs. GPL is debt free with cash balance of over INR 500 Crs.

The Company has a paid up equity share capital of 51.7 Cr shares of which 58.1% is owned by DVS Raju and Family (Promoter), 10.4% by Government of Andhra Pradesh and 31.5% by Warburg Pincus.

APSEZ is acquiring the Warburg Pincus stake of ~16.3 Cr shares (31.5%) at INR 120/share which works out to a consideration of INR 1,954 Crs. The transaction implies EV/EBITDA multiple of 8.9x and P/E multiple of 12.0x (based on FY20 figures). APSEZ is also in discussions with DVS Raju & Family for their 58.1% stake (~30 Cr shares) in GPL.

Mr. Karan Adani, CEO and Whole Time Director of APSEZ said, "The acquisition of GPL is a part of our continued strategy to build out a port and logistics network that is unmatched in its ability to serve customers across the nation. The location of GPL in the north of AP is a strategic complement to our recent acquisition of the Port of Krishnapatnam that serves the south of AP. We believe that GPL holds great potential to complement its bulk cargo terminals with new cargo categories that we intend to develop. The port provides us great access to an adjacent hinterland that was largely untapped by APSEZ thereby placing us in a position to serve a broader set of port customers as well as expand our overall hinterland logistics footprint for a much larger base of customers. We are grateful to the leaders of the AP Government for their support and are committed to doing our part to support their vision of accelerating the industrialization of AP. The Raju family must be complimented for having built an absolute world class asset that we are proud to invest in."

"From a green field project at the time of investment, Gangavaram Port has developed into a world class port . We have been very pleased with our partnership with the Raju family and the Gangavaram Port team, and look forward to the port's continued success in partnership with the Adani Group," said Vishal Mahadevia, Managing Director / Head of Warburg Pincus India.

"We are very proud of the remarkable success of Gangavaram Port in becoming one of India's leading and most efficient deep water ports with ultra modern infrastructure. Warburg Pincus has been a supportive partner in this journey, and we look forward to the Adani Group's contributions in the next phase of the port's growth," said Mr. DVS Raju, Chairman of Gangavaram Port Limited.

Shares of ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD. was last trading in BSE at Rs.729.55 as compared to the previous close of Rs. 720.35. The total number of shares traded during the day was 835267 in over 12466 trades.

The stock hit an intraday high of Rs. 754.65 and intraday low of 723.55. The net turnover during the day was Rs. 618086343.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

Barbeque-Nation Hospitality Ltd board to consider Q4FY21 results on May 24, 2021

Jagan Lamps Ltd to suspend operations, to divert oxygen for medical use

Route Mobile (UK) Limited appoints John Owen as its Chief Executive Officer for Europe and Americas, to accelerate growth and market development

V.S.T Tillers Tractors Ltd updates on VRS at Bangalore Factory

Suyog Telematics Ltd board to approve Q4, FY21 results on May 27, 2021

Saksoft Ltd board to consider Q4, FY21 results, dividend on May 26, 2021

Dhani healthcare Starts Distribution of Free Covid Care Medicines to 25 Lakh Families

Hester Biosciences Limited clarifies on tie up for Covid Vaccine

Kriti Nutrients Ltd Board approves Dividend of Rs. 0.18 for FY21

Kriti Industries India Ltd Board approves dividend of Rs. 0.20

Spandana Sphoorty Financial Limited board to announce Q4, FY21 results on May 22, 2021

Orchid Pharma Ltd board to consider Q4, FY21 results on May 22, 2021

Kriti Nutrients Ltd Q4FY21 PAT slides to Rs. 1.47 crore

Kriti Industries India Ltd posts Rs. 5.96 crore consolidated PAT in Q4FY21

Mangalore Chemicals & Fertilizers Limited board recommends dividend of Rs. 1

Mangalore Chemicals & Fertilizers Ltd posts net profit of Rs. 14.72 crore in Q4FY21

Quick Heal Technologies Ltd Boards recommends Final Dividend of Rs. 4

DCM Nouvelle Limited posts PAT of Rs. 24.47 crore in Q4FY21

Jayant Agro-Organics Limited board recommends dividend of Rs. 1 for FY21

AYM Syntex Ltd Q4FY21 net profit soars to Rs. 18.78 crore

Jayant Agro-Organics Ltd Q4FY21 consolidated PAT jumps to Rs. 23.10 crore

Bhageria Industries Ltd board recommends dividend of Rs. 3.5

Tasty Bite Eatables Ltd Boards recommends dividend of Rs. 2

Thermax Ltd Board to consider FY21 results & Dividend on May 25, 2021

Quick Heal Technologies Ltd posts surge in consolidated PAT to Rs. 39.72 crore during Q4FY21

Bhageria Industries Ltd Q4FY21 consolidated PAT drops QoQ to Rs. 18.31 crore

Kings Infra Ventures Ltd and NEC Corporation Japan launch Proof of concept for Precision Aquaculture

Hero MotoCorp and Gurugram district administration partner to set up 100 bed Covid19 Care Centre

FAZE THREE Autofab Limited Q4FY21 net profit at Rs. 3.06 crore

Tasty Bite Eatables Ltd posts Rs. 13.86 crore PAT in Q4 FY2020-21

Chembond Chemicals Limited board recommends dividend of Rs. 2.25

Geojit Financial Services Limited board recommends final dividend of Rs. 2

Chembond Chemicals Ltd reports Rs. 5.04 crore in Q4FY21

Geojit Financial Services Ltd Q4FY21 consolidated PAT climbs to Rs. 36.39 crore

Max Speciality Films to invest upto Rs. 500 Mn in new CPP Line

Udaipur Cement Works Ltd posts Rs. 22.09 crores net profit in Q4 FY2020-21

Trident Limited board approves fund raising proposal

Kirloskar Industries Ltd board recommends dividend of Rs. 10

Trident Limited board recommends final dividend of Rs. 0.36

Cheviot Company Ltd board recommends special dividend of Rs. 175

IRB InvIT's Q4 distribution stands at Rs. 2.50 per unit

Trident Limited posts Q4FY21 consolidated PAT of Rs. 76.45 crore

Ramkrishna Forgings Ltd reports consolidated PAT of Rs. 33.88 crore in Q4FY21

Aarti Drugs Ltd Q4FY21 consolidated net profit slips to Rs. 51.65 crore

Kirloskar Industries Ltd Q4FY21 consolidated net profit higher at Rs. 67.49 crore

Cheviot Company Ltd Q4FY21 PAT rises to Rs. 25.67 crore

Texmaco Rail & Engineering Limited board approves rights issue to raise Rs. 175 crore

Tata Steel Ltd allots 56,02,985 fully paid-up shares against existing partly paid-up shares

N R Agarwal Industries Ltd's Unit 3 to be shut down for maintenance till May 28, 2011

Z F Steering Gear India Ltd Q4FY21 net profit at Rs. 5.39 crore


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020