Adani Ports and Special Economic Zone Ltd (APSEZ) has started talks for the acquisition of APM Terminals (APMT)’s stake in Gujarat Pipavav Port Ltd (GPPL), India.
The Adani group’s port operating company participated in a bidding process for APMT’s 41.03% stake in the company, local media reported.
If the deal goes through, the company might reportedly try to acquire a controlling stake of at least 51%.
In addition to APMT, GPPL is 37.19% owned by foreign institutions while Indian companies have a 13.34% stake.
APMT is said to be advised by HSBC Holdings Plc. on the deal.
The port operator is reportedly also planning to exit Pipavav Railways Corporation, a joint venture set up by GPPL in which the Ministry of Railways has an equity stake.