Adani Ports to buy 80% stake in Astro Offshore for about ₹1,551.59 crore

India’s largest private port operator Adani Ports and Special Economic Zone (APSEZ) said on Friday it will acquire a 80% stake in offshore support vessels operator Astro Offshore for $185 million ( ₹1,551.59 crore).

With this acquisition, the Adani Group company aims to expand its fleet and diversify beyond port operations.

“Astro will add 26 OSVs to our current fleet of 142 tugs and dredgers, taking the total count to 168. The acquisition will also give us access to an impressive roster of Tier-1 customers while further consolidating our footprint across the Arabian Gulf, the Indian subcontinent and Far East Asia. We look forward to working closely with Astro's leadership team and scaling up the current platform,” Adani Ports CEO Ashwani Gupta said in a statement.

According to the Adani Group statement, Astro Offshore was incorporated in 2009 and it owns a fleet of 26 vessels including barges and workboats, counting miner NMDC and construction bellwether Larsen and Toubro as its customers.

“Astro's deep experience in supporting the construction and maintenance of offshore platforms, oil and gas fields, and subsea facilities allows it to deliver cutting-edge services to clients in the offshore exploration and drilling markets,” APSEZ said.

Ashwani Gupta also said that Astro’s acquisition is part of its roadmap to becoming one of the world’s largest marine operators.

The acquisition was in an all-cash deal for $185 million and is expected to be completed within a month with no requirement of regulatory approvals, said Adani Ports.

Mark Humphreys, managing director, Astro Offshore said that the two entities together will be able to accelerate growth to add further scale and diversity to the fleet, expand the geographical footprint, and deliver more end-to-end solutions to customers.

“Over the past 15 years, we have created an impressive company trajectory, driven by strategic investments in our OSV fleet and deep relationships with our customers. This partnership with APSEZ represents a critical inflection point for us,” said Humphreys.

(1 US Dollar = 83.87 Indian Rupees)