Adani seals ₹1,200-cr Karaikal Port buyout deal
The 600-acre port, built under a public-private partnership between the government of Puducherry and Chennai-based MARG Limited, faced financial constraints which resulted in the outstanding debt skyrocketing to ₹3,000 crore due to defaults and delays in repayments. The Adani Group, which has been scaling up its ports business, sees the southern port located in Pondicherry as a natural fit. APSEZ is the largest port operator in India and owns 12 ports including Mundra Port, the largest private port in the country. The company acquired Gangavaram Port in Andhra Pradesh for ₹6,200 crore and the newest acquisition in the port sector will be the first such deal under the IBC.