Adani Ports set to acquire India’s Kattupalli Port
The Adani Group has announced that it entered into an agreement to acquire Kattupalli Port in Tamil Nadu, India, from L&T Shipbuilding (L&TSB), a subsidiary of Larsen and Toubro.
Industry sources told the Indian news outlet Business Standard that the deal value was estimated at Rs 2,000 crore (US$302.1bn), adding that the process would take at least six months to get completed and that Adani Ports would be in management control of the port in the meantime.
The acquisition of Kattupalli Port from L&TSB, which currently operates both the port and shipyard, is subject to receiving approval from the Government of Tamil Nadu and Central Government, and the port being demerged from L&TSB.
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