Office Address
123/A, Miranda City Likaoli Prikano, Dope
Phone Number
+0989 7876 9865 9
+(090) 8765 86543 85
Email Address
info@example.com
example.mail@hum.com
123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
Adani Ports acquires
80% of Astro for $185 million, boosting its fleet and entering new markets in
the Middle East, Far East Asia, and Africa.
Gautam Adani’s port unit will buy an 80% stake in
Singapore-headquartered Astro, a supplier of offshore support vessels, for $185
million in cash as his conglomerate continues to tap overseas
opportunities.
“Astro will add to our current fleet of 142 tugs and dredgers, taking
the total count to 168,” Ashwani Gupta, chief executive officer at Adani Ports
and Special Economic Zone Ltd. said in a statement Friday 30 August.“The acquisition will also give us access to an
impressive roster of Tier-1 customers.”
Astro, an operator in the Middle East, India, Far East Asia and Africa,
owns a fleet of 26 offshore support vehicles comprising of anchor handling
tugs, flat top barges, multipurpose support vessels and work boats that provide
services for oil drilling activities.
During the year ended April 30, Astro posted $95
million in revenue and $41 million in earnings, before interest, tax,
depreciation and amortization, according to an Adani Ports’ statement.
The deal is expected to be value accretive from the first year, the
company said.
