India’s largest private port operator Adani Ports and Special Economic Zone (APSEZ) has announced the sale of a 0.49% stake to private equity firm Warburg Pincus for a price of around $110m.
The deal comes days after APSEZ entered into an agreement with Warburg Pincus to acquire 31.5% equity shares in Gangavaram Port.
“APSEZ has built a formidable market position over its 20-year history and emerged as one of the fastest growing port groups in the world. Given its unmatched scale and logistics footprint, we are confident APSEZ will continue to demonstrate sustainable long-term growth,” said Vishal Mahadevia, MD and head, Warburg Pincus India.
“We welcome Warburg Pincus to join the league of existing long term marquee investors that have invested in APSEZ including LIC, Temasek, Fidelity, GIC and Norges,” said Karan Adani, CEO, Adani Ports.
Adani Ports currently owns and operates 12 ports and terminals in India.