NCLT approves composite scheme of APSEZ for SRCPL acquisition

02 Feb 2022 CW Team

Adani Ports and Special Economic Zone (APSEZ) told the media that the company's composite scheme for the acquisition of Sarguja Rail Corridor Private Limited (SRCPL) had been approved by the National Company Law Tribunal (NCLT).

According to a statement by APSEZ, the company will consolidate all rail assets under Adani Tracks Management Services Private Limited.

The consolidation will allow APSEZ, targeting 2,000 km of track length by 2025, to participate in the Indian Railways Public-Private Partnership (PPP) without competing with a similar business in the Adani portfolio, which is in full alignment with the equity interest of minority stakeholders.

As per a statement, after the consolidation, SRCPL will add Rs 450 crore or 5% of APSEZ's total Earnings Before Interest Tax, Depreciation and Amortisation (EBITDA).

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Also read: APSEZ seeks environmental nod to boost Gangavaram port capacity

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