Advertisement
Private equity has played a significant role in shaping Indi...
In today’s real estate landscape, fitness is often treated...
In this episode of Prop Personalities, we sit down with Hars...
Luxury real estate is one of the most talked-about segments ...
Welcome to Prop Personalities by Prop News Time - a podcast ...
Adani Ports and Special Economic Zone Ltd (APSEZ) has reportedly secured approval from the lenders’ panel to acquire bankrupt Karanja Terminal & Logistics, marking another strategic move in its port asset expansion strategy. The resolution plan was cleared with 100% voting by the committee of creditors after rejecting a competing one-time settlement proposal. The asset, which has outstanding dues of over INR 625 crore, is undergoing insolvency proceedings. The acquisition, once finalised, will strengthen Adani Ports’ presence in western India and add to its portfolio of port infrastructure assets. The move aligns with the company’s broader strategy of acquiring stressed logistics and port assets through insolvency-led opportunities.
Adani Ports and Special Economic Zone Ltd (APSEZ) has received approval from the committee of creditors to acquire Karanja Terminal & Logistics Pvt Ltd, a bankrupt port and logistics asset undergoing insolvency proceedings, according to developments reported earlier this week. Advertisement
The lenders’ panel approved the resolution plan with 100% voting, following deliberations under the Insolvency and Bankruptcy Code (IBC) framework. The decision came after rejecting a one-time settlement proposal submitted by London-listed Mercantile Ports and Logistics Ltd, which had offered to repay the outstanding dues.
Karanja Terminal & Logistics has total unpaid dues of approximately INR 625.49 crore, as determined by the creditors during earlier meetings. The asset, located near Mumbai, has been under resolution as lenders sought to recover dues through a structured insolvency process.
The approval of Adani Ports’ resolution plan marks a key step towards the transfer of ownership, subject to final clearance from the National Company Law Tribunal (NCLT). Once completed, the acquisition is expected to strengthen APSEZ’s footprint along India’s western coast, where it already operates multiple port assets.
The transaction also reflects a broader trend of large infrastructure players acquiring distressed assets through insolvency proceedings. Adani Ports has been actively pursuing such opportunities to expand its port and logistics network, both domestically and internationally.
The Karanja asset has seen multiple attempts at resolution over the past year, including debt sales and settlement offers from existing promoters. Earlier efforts included a one-time settlement proposal and bids through auction processes as lenders explored recovery options.
The rejection of the settlement proposal and subsequent approval of the resolution plan indicate lenders’ preference for a structured acquisition route under the IBC framework. The resolution professional informed the tribunal that the competing offer had become infructuous following the creditors’ decision.
If completed, the Karanja Terminal acquisition would add to Adani Ports’ portfolio of strategic infrastructure assets and further consolidate its position as India’s largest private port operator. The company has been expanding its network through a combination of organic growth and acquisitions, including assets secured through insolvency proceedings.
The development underscores continued activity in India’s stressed infrastructure asset market, where port and logistics assets remain attractive due to their long-term revenue potential and strategic location advantages.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
