Adani Ports and Special Economic Zone Ltd (APSEZ), part of Gautam Adani’s Adani Group, has decided to buy an 80% stake in Astro Offshore Group, a global offshore supply vessel (OSV) operator. The deal is worth $185 million and will be completed as an all-cash transaction. The existing promoter of Astro will retain a 20% stake in the company.
In a regulatory filing to the stock exchanges, Adani Ports announced that they have signed an agreement to purchase the 80% stake in Astro. According to the company, this acquisition will start adding value from the first year itself. Founded in 2009, Astro is a major OSV operator in the Middle East, India, East Asia, and Africa. The company owns 26 offshore supply vessels and serves customers in the EPC (Engineering, Procurement, and Construction), oil and gas, and renewable energy industries. Some of Astro’s Tier-1 customers include NMDC, McDermott, COOEC, Larsen & Toubro (L&T), and Saipem.
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For the year ending April 30, 2024, Astro reported a revenue of $95 million and an EBITDA of $41 million. Astro is also a net cash-positive company. Through this acquisition, Adani Ports aims to become one of the world’s largest marine operators. The addition of Astro will expand Adani Ports’ global marine portfolio and bring in new Tier-1 customers.
Ashwini Gupta, Whole-time Director and CEO of Adani Ports and SEZ, said that acquiring Astro is part of their roadmap to becoming the world’s largest marine operators. Astro’s 26 OSVs will be added to Adani Ports’ existing fleet of 142 tugs and dredgers, bringing the total fleet size to 168 vessels.
