SIMIC

INDIA's Adani Ports, which operates 15 terminals on the subcontinent, will buy an 80 per cent of Singapore-based Astro, a supplier of offshore support vessels, for US$185 million, reports Dubai's Gulf News.

"Astro will add to our current fleet of 142 tugs and dredgers, taking the total count to 168," said Adani Ports and Special Economic Zone CEO Ashwani Gupta.



"The acquisition will also give us access to an impressive roster of Tier-1 customers," he added.



Astro, an operator in the Middle East, India, Far East Asia and Africa, owns a fleet of 26 offshore support vehicles comprising of anchor handling tugs, flat top barges, multipurpose support vessels and work boats that provide services for oil drilling activities.



Astro, an operator in the Middle East, India, Far East Asia and Africa, owns a fleet of 26 offshore support vehicles comprising of anchor handling tugs, flat top barges, multipurpose support vessels and work boats that provide services for oil drilling activities.



During the year ending April 30, Astro posted $95 million in revenue and $41 million in earnings, before interest, tax, depreciation and amortisation. The deal is expected to be value accretive from the first year, the company said.



Adani Ports represents 27 per cent of port volumes and developing terminals in Sri Lanka, Israel and Tanzania. It is also planning to build a port in Vietnam and is seeking at opportunities in the Middle East, Southeast Asia, East Africa, Bangladesh, Maldives and Cambodia.