Adani Ports expands presence by incorporating subsidiary in Oman

Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday said it has incorporated a wholly owned subsidiary, Indian Ocean Gateway Terminal, in Oman.

In a regulatory filing, the company said its wholly owned subsidiary, Adani International Ports Holdings Pte. Ltd., incorporated Indian Ocean Gateway Terminal in Oman.

"The proposed entity has been established to conduct its offshore operations locally in line with the Company's strategy to expand its presence as a global integrated transport operator. This development further reinforces APSEZ's strategy of building a globally diversified business platform while expanding its international footprint and strengthening its presence across key global markets," the company said in a stock exchange filing.

Read more: How Gautam Adani turned Rs 1 lakh crore of stressed asset deals into a mega infrastructure bet

APSEZ said this development further reinforces APSEZ's strategy of building a globally diversified business platform while expanding its international footprint and strengthening its presence across key global markets.

Billionaire Gautam Adani's flagship company said Indian Ocean Gateway Terminal is incorporated with 100 shares of OMR 5,000 each, with a total share capital of OMR 5,00,000. Adani International Ports Holdings Pte Ltd holds 100 per cent shares of Indian Ocean Gateway Terminal.

Recently, APSEZ Colombo West International Terminal (CWIT) doubled its capacity to 3.2 million TEUs with a total investment of USD 750 million, after its Phase II expansion was inaugurated in Colombo on Wednesday. Sri Lankan Prime Minister Dr Harini Amarasuriya inaugurated the expansion, according to a media release issued by APSEZ and filed with the stock exchanges. The capacity of the terminal has been increased from 1.6 million to 3.2 million TEUs (twenty-foot equivalent units), furthering its ambition to handle nearly 25 per cent of the Port of Colombo's targeted capacity of 13 million TEUs by 2028.