Adani Ports Acquires Puducherry’s Karaikal Port; To Infuse Rs 1485 Cr

New Delhi: The Adani group’s hold on the port sector on the eastern coast increased further as the Adani Ports acquired the Karaikal Port Private Ltd that manages the all-weather deep water Karaikal Port owner.

According to Adani Ports authorities, the Karaikal Port was acquired by Adani Ports and Special Economic Zone Limited (APSEZ) by submitting a resolution plan which was approved by the Committee of Creditors of the former and by the National Company Law Tribunal, Chennai Bench.

As per the Resolution, APSEZ will invest Rs 1,485 crore for upfront payment to financial creditors.

With this, Karaikal Port became a wholly owned subsidiary of APSEZ.

The decision of the Tribunal shall be binding on the corporate debtor and its employees, members, creditors, directors, guarantors, resolution applicant and other stakeholders involved in the resolution plan, Adani Ports said.

As per the resolution plan, Karaikal Port has allotted 10 lakh equity shares of Rs 10 each to APSEZ aggregating to Rs 1 crore on March 31.

The equity shares issued by Karaikal Port prior to the approval of the Resolution Plan have been cancelled.