Adani Ports and SEZ hastens the creation of a fully-owned subsidiary

02 Mar 2023 CW Team

According to Adani Ports and Special Economic Zone, its step-down subsidiary, Adani Agri Logistics (AALL), has established a wholly owned subsidiary PU Agri Logistics.

On February 25, 2023, PU Agri Logistics became a wholly owned subsidiary of AALL with the intention of developing, designing, building, financing, procuring, engineering, operating, and maintaining silo complexes (spoke silo complexes) without a container depot on a design, build, finance, own, and operate (PPP) basis at 26 locations in Punjab.

PU Agri Logistics was established by AALL with an initial authorised and paid-up share capital of half a million INR each. The company stated that it has not yet begun conducting business.

According to the company, PU Agri will be incorporated in India and registered with the Registrar of Companies, Gujarat, on February 25, 2023, in Ahmedabad. Adani Ports & Special Economic Zone (APSEZ) is in the business of developing, operating, and maintaining port infrastructure (port services and related infrastructure development). At Mundra, they have connected a multi-product Special Economic Zone (SEZ) and related infrastructure that is adjacent to the port.

In comparison to the Rs 156,72 million reported in Q3 FY22, the consolidated net profit of the business decreased by 16.05 per cent to Rs 131,56 million. In the quarter that ended on December 31, 2022, revenue from operations was Rs 478,62 million, up from Rs 407,19 million in the third quarter of FY22.

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