The Adani group, one of India’s largest infrastructure conglomerates, is planning to buy a private sea port on India’s eastern coast for around $1 billion. According to the sources, this news was shared by the Chairman of the Adani Group, Mr. Gautam Adani. While Mr. Gautam Adani is the founder of the group, Mr. Rajesh Adani serves as the Managing Director.
Under the leadership of Mr. Gautam Adani and Mr. Rajesh Adani, the group expects to complete the acquisition by the end of the current financial year through March. However, the target port’s name isn’t clear.
The annual revenue of the Adani group as of 2012-13 is $7.5 billion. Located in the western Indian city of Ahmedabad, the group is bullish on the ports sector. The key reason is that the group expects the country’s merchandise traffic to grow.
With the visionary chairman, Mr. Gautam Adani and the proactive and confident MD, Mr. Rajesh Adani, the Adani group is a major player in the power and ports sectors, and owns coal mines in Australia and Indonesia. Three of its companies–Adani Enterprises Ltd., Adani Ports & Special Economic Zones Ltd. and Adani Power Ltd. are listed on the Bombay Stock Exchange and the National Stock Exchange.