Adani Ports Expands in the Middle East: Acquires 80% Stake in Dubai’s Astro Shipping for $185 Million

Adani Ports & Special Economic Zone Ltd (APSEZ) has announced plans to purchase an 80% stake in Dubai-based Astro Shipping Company for $185 million (approximately ₹1,551 crore). This acquisition is part of Adani Ports’ broader strategy to expand its fleet and boost earnings.

Strengthening Fleet and Global Presence

Ashwani Gupta, the wholetime director and CEO of APSEZ, explained the significance of the deal: “The acquisition of Astro is a key step in our plan to become one of the world’s leading marine operators. Astro will add 26 ships to our current fleet, bringing the total to 168 vessels. This acquisition will also provide us with access to important customers and strengthen our presence in the Arabian Gulf, Indian subcontinent, and Far East Asia.”

Details of the Deal

The deal values Astro Shipping at $235 million. Astro Shipping provides various maritime services, including ship management, shipping agency services, freight forwarding, and chartering.

Adani Ports’ Expanding Global Operations

Adani Ports already has a significant presence in the Middle East and Far East. In the Middle East, the company, along with its joint venture partner Gadot Group, acquired the Port of Haifa in Israel in July 2022 for $1.18 billion, with Adani holding a 70% stake. In the Far East, Adani Ports plans to build a new port in Da Nang, Vietnam, after receiving “in-principle approval” from the Vietnamese government. Additionally, the company operates the Colombo Port in Sri Lanka, further strengthening its foothold in the region.

Astro Shipping’s Expertise

Astro Shipping specialises in offshore construction, fabrication, and transportation, serving major clients like NMDC, McDermott, and Saipem. The company focuses on offshore platforms and subsea facilities, supporting exploration, drilling, dredging, and land reclamation projects.

Future Plans and Strategic Vision

APSEZ has ambitious plans to expand its operations across various segments of the maritime sector. Along with its core business of handling container cargo, the company aims to diversify into bulk cargo, liquid cargo, and specialised cargo handling. It is also investing in port infrastructure development, including building new terminals and expanding existing facilities.

Outlook and Strategic Focus

During an analysts’ call to discuss the Q1FY25 quarter earnings, Gupta shared, “We are focused on global expansion. To achieve this, we are revitalising trade routes between Southeast Asia, India, the Middle East, East Africa, and North Africa. As part of this strategy, we are involved in projects in Tanzania, Haifa, and Sri Lanka. We are also exploring opportunities in Southeast Asia, including Vietnam, although no final decisions have been made yet.”