Essel Finance’s micro, small and medium enterprises (MSME) loan business has been acquired by Adani Capital Private Ltd. Through the acquisition, Adani Capital has secured a loan book of around Rs 145 crore, 1100 customers and a staff strength of 40 professionals.
Adani Finserve, which primarily operates in western India, is aiming to gradually expand its geographic presence in central and east India, targeting states such as Madhya Pradesh, Chhattisgarh and Orissa. Through the geographic expansion and organic growth, the company expects the business to reach ₹2,700-3,000 crore by the end of the next fiscal.
Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest private sector port operator, has agreed to buy a 75% stake in Krishnapatnam Port Co. Ltd (KPCL) at an enterprise value of Rs 13,572 crores.
The Krishnapatnam Port is located in southern Andhra Pradesh and is a multi-cargo facility. It handled 54 million tonnes (mt) of cargo in the year ended 31 March 2019. The purchase will accelerate Adani Ports’ plan to expand its cargo-handling capacity to 400mt by 2025.