APSEZ request for acquisition of Sarguja Rail Corridor gets approved by NCLT

The National Company Law Tribunal (NCLT) has approved Adani Ports and Special Economic Zone (APSEZ) composite scheme to acquire Sarguja Rail Corridor Pvt Ltd(SRCPL) effective from its appointment date of April 1, 2021, the company said on Sunday. 

APSEZ said, in a statement, that the company will now consolidate all its rail assets under a single business entity Adani Tracks Management Services Pvt Ltd.

“This consolidation allows APSEZ, which is targeting 2,000 km of track length by 2025, to participate in Indian Railways PPP (public-private partnership) projects without having to compete with similar businesses in the Adani portfolio, a position that is in full alignment with the equity interest of minority shareholders,” it said.

The statement said that once consolidated, SRCPL will add Rs 450 crore or five percent of APSEZ’s total Ebitda (earnings before interest, tax, depreciation, and amortization).

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