Adani Ports and Special Economic Zone (APSEZ) stated that the company’s composite scheme to acquire Sarguja Rail Corridor Pvt Ltd (SRCPL) has been approved by the National Company Law Tribunal (NCLT) and will be effective from the appointed date of April 1, 2021.
APSEZ stated that the company will now consolidate all rail assets under a single business entity Adani Tracks Management Services Pvt Ltd.
”This consolidation allows APSEZ, which is targeting 2,000 km of track length by 2025, to participate in Indian Railways PPP (public-private partnership) projects without having to compete with similar businesses in the Adani portfolio, a position that is in full alignment with the equity interest of minority shareholders,” it said.
Commenting on the development, APSEZ Chief Executive Officer and whole-time Director Karan Adani stated that as per the National Rail Plan 2020, the Indian Railways will invest more than Rs 3 lakh crore over the next 10 years to construct new rail lines.
Therefore, this acquisition creates a significant business value for APSEZ as a transport utility, Adani added.