Adani Ports looking to acquire Karaikal Port

Adani Ports and Special Economic Zone Ltd (APSEZ) is looking to buy Karaikal port in Puducherry at a valuation of INR 1,500-2,000 crore. But the deal may not be easy to carry out given the ownership structure and the debt. Marg Ltd, the promoter of the port, holds a 45% stake in Karaikal Port Pvt Ltd (KPPL). Four PE funds - Ascent Capital, Jacob Ballas, Affirma Capital and GIP India - together hold 44%. The balance 11% is held by Edelweiss Asset Reconstruction Co Ltd. KPPL has a debt of about INR 2,000 crore, of which 97% is with Edelweiss ARC.