Company of Adani Port will sell 49 percent stake, this is the price of the stake

Adani Port said on Friday that it will sell a 49 percent stake in Adani Ennore Container Terminal Pvt Ltd (AECTPL). The company is selling this stake to Mediterranean Shipping Company Mundi Ltd for Rs 247 crore.

Adani Ports and Special Economic Zone (APSEZ) and Adani Ports said in their statement that this agreement has come into effect from December 14, 2023. After this agreement, the value of AECTPL has increased to Rs 1,211 crore. The transactions made in this agreement will be completed in 3 to 4 months.

Let us tell you that this is the second strategic partnership of Adani Ports with TIL after the joint venture with Adani International Container Terminal Private Limited (AICTPL). Adani Port operates the CT3 container terminal at Mundra Port, known as a private port.

The company said in its statement that after the completion of this agreement, APSEZ will have a 51 percent stake in AECTPL.

Mundi Limited is an indirect subsidiary of Terminal Investment Limited (TIL) and an associate of Mediterranean Shipping Company (MSC).

Karan Adani, CEO and Whole-time Director of APSEZ, said, “This strengthening of our collaboration with the world's largest shipping company (MSC) reflects APSEZ's strong vision of accelerating regional growth through a transparent business approach. Located on the east coast of India, AECTPL has contributed Rs. 0.55 million in FY23. Twenty-Foot Equivalent Units (TEUs) and has handled 0.45 million TEUs in the first eight months of the current financial year."

At the time of writing the news, Adani Port stocks were trading at Rs 1,081.65 per share with a gain of 6.95 points.