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Adani Ports & SEZ Ltd. announced that its arm Adani Logistics Ltd. will acquire Adani Agri Logistics Ltd. from Adani Enterprises Ltd. for an all-cash deal of Rs 946 crores, which is expected to take place by the end of the current financial year, subject to regulatory approval.
However, the deal does not require the approval of minority shareholders under the purview of party related transaction, as the acquisition is carried out by a wholly-owned subsidiary of Adani Ports And Special Economic Zone Ltd.
According to the statement Adani Logistics, apart from a cash consideration of Rs 946-crores, will also inherit the net debt of around Rs 700 crores on its books. The enterprise value of this deal is close to Rs 1,662 crores.
According to Adani Agri, it has agreements with Food Corporation of India and other state-owned agencies to operate facilities for warehousing and transportation of food grains. Adani Agri also controls 45 per cent of the market share. Adani ports, as of September 30, 2018, registered a gross debt of over Rs 24,000 crores and cash over Rs 5,200 crore on its books.
