Rama Krishna Sangem
Gautam Adani led Adani Ports and Special Economic Zone (APSEZ) on May 1, Wednesday said it has secured an AAA rating by CARE Ratings. With this development, the company has become the first large-sized private infrastructure developer to get this recognition, APSEZ said in a statement.
“The rating is largely driven by APSEZ’s robust integrated business model, strong industry position, consistent market share growth with healthy profitability, coupled with high liquidity and low leverage,” the agency said. In FY24, APSEZ handled a cargo volume of 419.95 MMT, 24 per cent higher than the previous fiscal.
APSEZ managing director Karan Adani said, We cherish the recognition to our financial discipline and commitment to deleveraging, diversified asset base as well as customer base and the highest profitability in this sector globally”. APSEZ is a part of the globally diversified Adani Group.
APSEZ to raise $ 600 million
India’s largest private port operator Adani Ports and Special Economic Zone said on April 30 Tuesday it will raise 50 billion rupees ($599.8 million) by issuing non-convertible debentures and 2.5 billion rupees through non-cumulative redeemable preference shares.
The company, which operates 13 ports and terminals in the country including its largest container handling port, Mundra in the western Indian state of Gujarat, said a majority of the funds issued will be used for refinancing of existing debt.
Adani Group companies are starting to raise funds for capital expenditure, and have plans to spend seven trillion rupees over the next decade on infrastructure projects. Meanwhile, the company in early talks to acquire real-estate conglomerate Shapoorji Pallonji Group’s (SP Group) Gopalpur port in Odisha for about 11-12 billion rupees ($132-$144 mln), The Economic Times reported last week.
Shares in Adani Ports have more than doubled from the multi-year lows hit after the Hindenburg report. They were last up nearly 1% taking their year-to-date gains to 27 per cent. This shows Adani group is gradually emerging out of the worst times brought by Hindenburg’s damning investigative report in January 2023.
