Adani Group gains a further foothold in the port sector on the eastern coast
The Adani Group has acquired the all-weather deep water Karaikal Port which is by the eastern coast owner Karaikal Port Private Ltd. As per the Resolution Plan, Adani Ports and Special Economic Zone Limited (APSEZ) will infuse Rs.1,485 crore for upfront payment to financial creditors.
Adani Ports said in a statement, “The Karaikal Port was acquired by APSEZ by submitting a resolution plan which was approved by the Committee of Creditors of the former and by the National Company Law Tribunal, Chennai Bench.”
“The decision of the Tribunal shall be binding on the corporate debtor and its employees, members, creditors, directors, guarantors, resolution applicant, and other stakeholders involved in the resolution plan,” Adani Ports said.
As per the resolution plan, Karaikal Port has allotted 10 lakh equity shares of Rs.10 each to APSEZ aggregating to Rs.1 crore on March 31. The equity shares issued by Karaikal Port prior to the approval of the Resolution Plan have been cancelled. With this, Karaikal Port became a wholly owned subsidiary of APSEZ.
Under the resolution plan, APSEZ is to infuse Rs.1,485 crore for upfront payment to financial creditors.
[With Inputs from IANS]
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