Adani Ports sells Australian rail logistics unit to parent Adani Enterprises
June 27, 2021
Move underpins its strategy to improve ESG rating
Adani Ports and Special Economic Zone Ltd (APSEZ) has sold its investment in Bowen Rail Company Pty Limited (BRCPL), the rail logistic unit in Australia, to Adani Global Pte Limited, for an undisclosed value as India’s biggest private port operator looks to become carbon neutral and improve its environment, social and governance (ESG) ratings.
APSEZ executed the Share Purchase Agreement with Adani Global Pte Limited (Singapore subsidiary of Adani Enterprises Limited) for the sale of investment in BRCPL, APSEZ said in its annual report for 2020-21.
S&P Dow Jones Indices said it has removed India's Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm's business ties with Myanmar's military which is accused of human rights abuses after a coup this year.
India s largest private multi-port operator is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC)
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NEW DELHI: Adani Ports was in a sweet spot on Tuesday as the shares climbed nearly 15 per cent with high volumes following a couple of good news for its shareholders.
On the NSE, the stock jumped 14.50 per cent to end at Rs 849.85.
Adani Ports and Special Economic Zone (APSEZ) on Monday said it has acquired 25 per cent stake of Vishwa Samudra Holdings in Krishnapatnam Port for Rs 2,800 crore. This will result in APSEZ increasing its stake from 75 per cent to 100 per cent in Krishnapatnam Port.
Krishnapatnam Port, located on the east coast of India in Nellore district of Andhra Pradesh, is an all-weather, deep water port and has multi-cargo facility with a current capacity of 64 million tonne per annum (MTPA).