Adani Group registers Bangladesh subsidiary
Adani Group's entry into Bangladesh's money-spinning infrastructure sector is drawing closer after it declared incorporation of a wholly owned subsidiary company named Adani Bangladesh Ports Private (ABPPL) on the Bombay Stock Exchange and National Stock Exchange of India, where it is listed.
Kamlesh Bhagia, company secretary of Adani Ports and Special Economic Zone Ltd, informed the development about the new venture of dredging port and infrastructure development in Bangladesh on Wednesday.
ABPPL, which is registered with the Registrar of Joint Stock Companies and Firms of Bangladesh, has an authorised capital of Tk 1 crore and paid-up share capital of Tk 55 lakh.
It is yet to commence its business operation, Bhagia said in the letter.
Adani Group is an integrated business group in India consisting of six publicly traded companies with combined revenues of $13 billion.
Founded in 1988, Adani has grown to become a global integrated infrastructure player with businesses in key industry verticals: resources, logistics, energy and agro.
Apart from India, it has presence in Australia, China, Dubai, Indonesia, Myanmar, Singapore, and the US, according to the company's website.
Adani, which is India's largest private port operator, is exploring possibilities to invest in Chattogram port's proposed Bay Terminal, a deep terminal to be developed near the port. This terminal is on the priority list of Bangladesh.
It is likely to start the site development work of the India Special Economic Zone (ISEZ) by June, where billions of dollars of investment are expected to pour in from the neighbouring country.
The ISEZ, which will be set up on 1,000 acres of land, will be exclusively for Indian investors.
Site selection and land acquisition for the zone have already been completed at the Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsarai, Chattogram.
Now, the negotiation is going on on whether the Bangladesh Economic Zones Authority will be involved in equity or not.
Adani, which has vast experience as India's largest private multi-port operator, wants to set up a dedicated port in the zone. Its port arm APSEZ has invested in several terminals in India. It has investments in ports, power, energy and real estate and is also present in Haldia, West Bengal.
It has an edible oil refining facility through Adani Wilmar.
Bangladesh Edible Oil, manufacturer and marketer of edible oil brands such as Rupchanda, King's, Fortune, Meizan & Veola, is a 100 per cent joint venture between Wilmar International, Singapore and Adani.
Singapore-based Wilmar and Adani Group plan to invest $350 million in Bangladesh to establish an industrial park in the Mirsarai economic zone under a joint venture that will produce agro-based foods and allied products.
Adani Power's wholly-owned subsidiary Adani Power (Jharkhand) is setting up 1,600 MW ultra-supercritical power project at Godda in Jharkhand, for supplying power to Bangladesh, according to the annual report of the Adani Power.
It is targeting to complete the first unit in January 2022 and the second unit in May 2022.
Adani Ports & Special Economic Zone closed yesterday at Rs 353.50, down by 1.46 per cent on the Bombay Stock Exchange, while Adani Power closed 3.21 per cent lower at Rs 52.80.