Adani Ports & Special Economic Zone Ltd (APSEZ) Friday said it has agreed to buy an 80% stake in Dubai-based Astro Shipping Company for $185 million (about ₹1,551 crore) as part of its strategy to expand fleet and boost earnings.
“Astro’s acquisition is part of our plan to become one of the world’s largest marine operators,” said Ashwani Gupta, wholetime director and CEO of APSEZ. “Astro will add 26 ships to our current fleet of 142 tugs and dredgers, making a total of 168 ships. This will also give us access to many important customers and strengthen our presence in the Arabian Gulf, Indian subcontinent, and Far East Asia.”
The deal valued Astro Shipping at $235 million. The company offers maritime services including ship management, shipping agency, freight forwarding, and chartering.
Adani Ports has a significant presence in the Middle East and Far East. In the Middle East, the company, in a joint venture with Gadot Group, acquired the Port of Haifa in Israel in July 2022 for $1.18 billion, with Adani holding a 70% stake. In the Far East, Adani Ports plans to construct a new port in Da Nang, Vietnam, having received “in-principle approval” from the Vietnamese government. Additionally, the company operates the Colombo Port in Sri Lanka, further solidifying its presence in the region.
Astro handles offshore construction, fabrication, and transportation, serving top clients like NMDC, McDermott, and Saipem. The company specialises in offshore platforms and subsea facilities, supporting exploration, drilling, dredging, and land reclamation projects.
APSEZ has ambitious plans for expanding its operations in various segments of the maritime sector. In addition to its core business of container cargo handling, APSEZ aims to diversify into bulk cargo, liquid cargo, and specialised cargo handling. The company is also investing in port infrastructure development, including the construction of new terminals and the expansion of existing facilities.
During an analysts’ call to discuss Q1FY25 quarter earnings, Gupta said, “We want to expand globally and to expand we decided to revitalise the trade route between Southeast Asia, India, Middle East, East Africa, North Africa, and in line with that strategy, we have Tanzania, we have Haifa, we have Sri Lanka. So, in line with our strategy, we are exploring the opportunities in Southeast Asia which includes Vietnam. And Vietnam, we have not decided anything yet.”
