Adani acquires 80pc stake in offshore operator Astro

Adani Group-owned Adani Ports and Special Economic Zone (APSEZ), India’s largest ports and logistics company, has acquired an 80 per cent stake in Astro.

Astro is a top offshore support vessel (OSV) operator in the Middle East, India, Far East Asia and Africa. The $185 million (Ksh.23.9 billion) all-cash deal will see APSEZ control Astro's fleet of 26 offshore support vessels, comprising anchor handling tugs, flat-top barges, multipurpose support units and workboats.

Astro also provides vessel management and complementary services. The Dubai-headquartered company supports the construction and maintenance of offshore platforms, oil and gas fields and subsea facilities.

“Astro’s acquisition is part of our roadmap to becoming one of the world’s largest marine operators. Astro will add 26 OSVs to our current fleet of 142 tugs and dredgers, taking the total count to 168,” said Ashwani Gupta, the CEO of APSEZ.

“The acquisition will also give us access to an impressive roster of Tier-1 customers while further consolidating our footprint across the Arabian Gulf, the Indian subcontinent and the Far East Asia.”

APSEZ said there are no regulatory approvals required and the transaction is expected to close within a month.

Adani Group was founded by Indian billionaire Gautam Adani in 1988 and its headquarters are in Ahmedabad, India.

The group has 10 companies in its fold, with investments across mining, ports, trading, electricity and gas.

According to the Seatrade Maritime website, Adani Group operates 15 ports and terminals in India with ports and development projects in Sri Lanka, Vietnam, Tanzania, and the contract for the Port of Haifa, Israel. 

The group’s Adani International Ports Holdings (AIPH) in June signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 (CT2) at the Dar es Salaam Port.

The group also owns Adani Airport Holdings Limited, which is involved in a controversial $1.85 billion (Ksh.242 billion) proposed investment deal with the Kenyan government to expand the Jomo Kenyatta International Airport (JKIA) in Nairobi.

Adani Airport Holdings is a subsidiary of Adani Enterprises Limited.

Despite uproar from Kenyans and the association of local aviation workers over the proposed deal, the Indian firm has gone ahead to incorporate a local company dubbed Airports Infrastructure PLC in fillings done with the National Stock Exchange of India.

The group has also been at the centre of controversy beyond just Kenya in recent years.

In 2023, the conglomerate was accused of fraud and market manipulation by an American investment research firm, and it has also been accused of political corruption, tax evasion, environmental damage, and suing journalists.