Gautam Adani led firm eyeing Rs 249730000000 plan, to invest massively in…

Gautam Adani is currently the second richest man in India with a net worth of Rs 704196 crore. He is involved in a wide range of businesses through various companies of Adani Group. One of the core businesses under the Adani Group is Adani Ports. In a significant push to the ports business, Gautam Adani led Adani Group is now working towards a massive Rs 24973 crore plan. As per a report by the Mint, Adani Group is planning to invest Rs 249730000000 to bolster the port operations. The company reportedly has keen eye on the corridor that connects India to Europe.

The Rs 24973 crore investment is expected to be funded through a combination of debt, internal accruals and cash reserves. According to the report, the Adani Group is targeting at least three large ports across coastal Europe, Africa, and Southeast Asia.

With the investment, Gautam Adani-led conglomerate aims to increase the overall port handling capacity from  600 million tonnes per annum to 800 million tonnes in the next two years. Currently, Adani Group operates port facilities in Israel, Sri Lanka, Indonesia, Tanzania, and Australia.

Recently, Adani Ports & Special Economic Zone acquired 95% stake in Gopalpur Ports Ltd from its existing shareholders for an equity value of Rs 1349 crore. Subject to closing adjustments, the transaction implies an enterprise value of Rs 3080 crore.