Adani Group acquires the all-weather deepwater Port of Karajkal, further gaining a firm foothold in the East Coast port sector
Posted Date – Sunday, 04/02/23 at 12:15pm
Chennai: The Adani Group has further established itself in the east coast port sector with the acquisition of Karaikal Port Private Ltd, owner of all-weather deepwater Karaikal Port.
Adani Ports said the Karaikal port was acquired by Adani Ports and Special Economic Zone Limited (APSEZ) by filing a resolution plan which was approved by the former committee of creditors and the National Company Law Tribunal, Chennai Bench.
Under the settlement plan, APSEZ will inject Rs 1,485 crore for advance payments to financial creditors.
Adani Ports said the decision of the arbitral tribunal should be binding on the corporate debtor and its employees, members, creditors, directors, guarantors, resolution applicants and other stakeholders involved in the resolution scheme.
Under the resolution scheme, Karaikal Port had allotted 1 million equity shares at Rs 10 each for a total of Rs 1 crore to APSEZ on March 31.
The equity issued by the Port of Karakal before the disposal plan was approved has been cancelled.
As a result, Karaikal Port became a wholly-owned subsidiary of APSEZ.
According to the resolution plan, APSEZ will inject Rs 1,485 crore for advance payments to financial creditors.
