Adani Ports Acquired Marine Infra
Adani Ports and Special Economic Zone Limited has signed Share Purchase Agreement on June 27, 2018, between Larsen and Toubro Limited, Marine Infrastructure Developer Private Limited, L8T Shipbuilding Limited and Adani Kattupalli Port Private Limited to acquire 97% stake of Marine Infrastructure Developer Private Limited. Detailed information is annexed below:
| 1 | Name of the target entity, details in brief such as size, turnover etc. | Marine Infrastructure Developer Private Limited ("MIDPL") is engaged in the business of constructing, maintaining, developing and operating Kattupalli Port. Revenue for FY 2016-17: Rs. 98.64 crore Revenue for FY 2017 -18: Rs. Nil |
| 2 | Whether the acquisition would fall within related party transaction(s).and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arm's length" | No |
| 3 | Industry to which the entity being acquired belongs | MIDPL belongs to Port Sector. |
| 4 | Objects and effects of acquisition (including but not limited to, the disclosure of reasons for the acquisition of target entity, if its business is outside the main line of business of the listed entity) | The acquisition will enable the company to develop container terminal operation to increase market share and provide container, bulk terminal operation, and marine services. |
| 5 | Brief details of any governmental or regulatory approvals required for the acquisition | The Government of Tamil Nadu vide its order dated 29th February 2016 has granted approval for the proposed transaction. Subsequently, other relevant approval of Ministry of Environment & Forest, Tamil Nadu Industrial Development Corporation, Tamil Nadu Maritime Board and SEZ authorities have also been obtained. |
| 6 | The indicative time period for completion of the acquisition | About 1-week |
| 7 | Nature of consideration - whether cash consideration or share swap and details of the same | The consideration is in the form of cash |
| 8 | Cost of acquisition or the price at which the shares are acquired | Rs.1,950 crore enterprise value ofwhich. Rs. 388 crore is theconsideration for the acquisition ofshares and the balance Rs. 1,562crore is towards settlement of liabilities of MIDPL. |
| 9 | Percentage of shareholding /control acquired and / or number of shares acquired | 97% shares of MIDPL. |
| 10 | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3years turnover, a country in which the acquired entity has a presence and any other significant information (in brief); | MIDPL was incorporated on 22nd January 2016 and is engaged in the business of constructing, maintaining, developing and operating Kattupalli Port. Revenue for FY 2016-17: Rs. 98.64 crore Revenue for FY 2017 — 18: Rs. Nil |
