Adani Ports is in advanced talks to acquire Shapoorji Pallonji Groups (SP) Gopalpur Ports as part of a neatly woven string-of-pearls strategy that involves owning considerable facilities along both the eastern and western water margins, the Economic Times reported said.
Shares of Adani Ports rallied over 23% in the last five days after the group received a shot in the arm on a Bloomberg report that quoted unnamed officials in the US International Development Finance Corporation (DFC) as saying that the allegations by Hindenburg Research were not relevant.
The Adani-led group s seven-listed stocks have lost over $100 billion in market value since a Jan. 24 report by Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. The group denied all allegations.