On Friday, Adani Group, led by Gautam Adani, issued a statement that it has executed a definitive agreement with L&T Infrastructure Development Projects Ltd. & Tata Steel to acquire 100 per cent stake in the Dhamra Port Company at an enterprise value of Rs.5,500 crore.
The deal was in the pipeline for over a year for some regulatory approval. Since Dhamra Port is a private minor port it was under the jurisdiction of the state government.
In the statement, Gautam Adani said that the acquisition now gives them an opportunity to replicate the development and phenomenal growth of the Mundra Port on the eastern coast of India and thereby continue to execute on their pan India strategy.
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