The National Company Law Tribunal (NCLT) has approved Rs 650-crore resolution plan submitted by Adani Ports & Special Economic Zone (APSEZ) for debt-ridden Dighi Port, located south of Mumbai. The resolution came with a huge 79.2 percent haircut to the lenders, as they had made a claim of Rs 3,098 crore.
The successful bid will give the Adanis access to Maharashtra, where it had no presence, even though the group straddles the entire coastline of the country with 11 operational ports and an under-construction transshipment terminal at Vizhinjam in southern Kerala. It can be noted that Dighi Port was the first port to go for a bankruptcy in April 2018.
APSEZ is part of Adani Group with businesses spanning coal trading, coal mining, oil & gas exploration, ports, multi-modal logistics, power generation & transmission and gas distribution. APSEZ represents a large network of ports with India’s largest Special Economic Zone (SEZ) at Mundra.
Company Name | CMP |
---|---|
Adani Ports &Special | 1320.20 |
JSW Infrastructure | 249.10 |
Gujarat Pipavav Port | 209.20 |
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