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Adani Ports is in talks to buy Essar Ports for about 150 billion rupees ($2.4 billion), Bloomberg TV India first reported yesterday in a Twitter Inc. post, citing people it didn’t identify. The market value of Essar Ports, owned by billionaire brothers Shashikant and Ravikant Ruia, is 55 billion rupees, according to data compiled by Bloomberg.
Essar Ports denied the sale talks in an e-mailed response to questions. Adani Group spokesman Roy Paul didn’t respond to an e-mail seeking comment.
Essar Ports, whose board in October approved a plan to delist the shares of the company, has the capacity to handle 104 million metric tons of liquid and dry cargo at three facilities in India, according to its website. The company is in the process of raising capacity by 87 percent to 194 million tons, according to the website.
Source:- bloomberg
Essar Ports, one of the largest private sector player by capacity and throughput, has an operational footprint on both western and eastern coast of the country and can handle liquid (mainly oil), dry bulk ..
Essar Ports, one of the largest private sector player by capacity and throughput, has an operational footprint on both western and eastern coast of the country and can handle liquid (mainly oil), dry bulk ..
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