Adani completes acquisition of stressed Dighi Port

Adani Ports and Special Economic Zone Limited (APSEZL) has completed the acquisition of Dighi Port Limited for a consideration of Rs 6.5 billion under the bankruptcy law. APSEZL also plans to invest over Rs 100 billion to develop the entity into a multi-cargo port. In March 2020, the National Company Law Tribunal (NCLT) had approved the resolution plan. As part of the plan, Dighi Port has allotted 1,000,000 equity shares of Rs 10 each for cash at a total consideration of Rs 10 million to APSEZL on February 15, 2021. Following this acquisition, APSEZL will hold 100 per cent equity share capital of Dighi Port. In accordance with the plan, APSEZL also paid Rs 6.5 billion to financial creditors and about Rs 0.55 billion towards the resolution process cost and other payments. The deal is a huge haircut for lenders that claim dues worth Rs 30.98 billion from Dighi Port.