Mediterranean Shipping Company's associate to acquire 49% stake in Adani's AECTPL

New Delhi: Adani Ports and Special Economic Zone (APSEZ) on Friday said Mundi Ltd, an associate of Mediterranean Shipping Company, will acquire 49 per cent stake in Adani Ennore Container Terminal Pvt Ltd (AECTPL) for Rs 247 crore.

A share purchase agreement to this effect was signed on December 14, 2023, APSEZ said in a statement.

The total enterprise value of AECTPL is Rs 1,211 crore, it added.

The transaction is subject to regulatory approvals and expected to be completed in 3-4 months. After completion of the transaction, APSEZ would hold 51 per cent stake in AECTPL, the statement said.

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

According to the statement, it is APSEZ’s second strategic partnership with TiL after a joint venture for CT3 Container Terminal at Mundra Port.

"This strengthening of our association with the world’s largest shipping company (MSC) reflects APSEZ’s robust vision of accelerating sectoral growth through a transparent business approach,” said Karan Adani, CEO and Whole Time Director of APSEZ.

Located on India’s east coast, AECTPL handled 0.55 million twenty-foot equivalent unit (TEUs) in FY23 and 0.45 million TEUs in the initial eight months of the current fiscal year.