For $2 billion, Adani Ports acquires European terminals
According to foreign media reports, India's Adani Group is planning to enter the European port market to increase its presence on international routes. Adani is preparing to invest $2 billion through its Ports subsidiary Adani Ports& Special Economic Zones Ltd to acquire European terminals.
A spokesman for the Adani Group said: "Europe accounts for 40% of global seaborne trade and we are looking at two or three terminals, with deals expected in the near future."
Last month, Adani Group Chairman Gautam Adani hosted ambassadors from the European Union, Belgium, Denmark and Germany at the company's headquarters, accompanying them on a tour of Mundra Port, India's largest commercial port operated by Adani Ports.
In recent years, Adani Ports Group has focused on expansion, acquiring large terminals in Africa and Southeast Asia, and investing in terminals in Vietnam, Israel, Sri Lanka, Indonesia and Australia. There were reports last year that Adani Ports was trying to acquire important terminals in Greece, mentioning the ports of Kavala in northern Greece and Volos, which is about 200 miles from Athens.
The Adani Group's reputation has taken a hit recently with corruption charges brought against it by the US Securities and Exchange Commission and the US Department of Justice. Adani is accused of bribing or promising bribes of about $265 million to Indian officials in order to sell them high-priced electricity from India's largest solar project. The allegations have led to other Adani deals being scrutinised and even cancelled, including a $1.85 billion project to modernise Kenya's Jomo Kenyatta International Airport.
A spokesman for the Adani Group said: "Europe accounts for 40% of global seaborne trade and we are looking at two or three terminals, with deals expected in the near future."
Last month, Adani Group Chairman Gautam Adani hosted ambassadors from the European Union, Belgium, Denmark and Germany at the company's headquarters, accompanying them on a tour of Mundra Port, India's largest commercial port operated by Adani Ports.
In recent years, Adani Ports Group has focused on expansion, acquiring large terminals in Africa and Southeast Asia, and investing in terminals in Vietnam, Israel, Sri Lanka, Indonesia and Australia. There were reports last year that Adani Ports was trying to acquire important terminals in Greece, mentioning the ports of Kavala in northern Greece and Volos, which is about 200 miles from Athens.
The Adani Group's reputation has taken a hit recently with corruption charges brought against it by the US Securities and Exchange Commission and the US Department of Justice. Adani is accused of bribing or promising bribes of about $265 million to Indian officials in order to sell them high-priced electricity from India's largest solar project. The allegations have led to other Adani deals being scrutinised and even cancelled, including a $1.85 billion project to modernise Kenya's Jomo Kenyatta International Airport.
