Adani Ports announces purchase of 80 percent stake in Astro Offshore

New Delhi| Adani Ports and Special Economic Zone reported on Friday that it will buy a majority stake in Astro Offshore, an offshore auxiliary vessel operator, for $185 million. According to the group this acquisition will expand its fleet and diversify port operations. Astro Offshore, in which Adani Ports will buy an 80% stake, has a fleet of 26 vessels, including a variety of boats. Mining company NMDC and construction leader Larsen & Toubro are also its customers.

“Astro will add 142 tugs and dredgers to our current fleet”, Adani Ports Chief Executive Officer Ashwini Gupta said in a statement… (And) the acquisition will also give us access to an impressive list of Tier-1 customers.” The deal comes at a time when India’s largest private port operator is aiming to expand its presence beyond its core port operations to maintain its lead in the region over smaller rivals JSW Infrastructure and Gujarat Pipavav. Adani Ports said the acquisition is expected to be completed within a month and will not require any regulatory approval.