Adani Ports and Special Economic Zone Limited (APSEZ) has entered into a Share Purchase and Subscription Agreement on June 29, 2026, with Mundi Limited, a subsidiary of Terminal Investment Limited (TiL). TiL is the terminal investment arm of the Mediterranean Shipping Company (MSC) Group. Pursuant to this agreement, Mundi Limited will invest to acquire a 49% interest in Adani Vizhinjam Port Private Limited (AVPPL), the concessionaire for the Vizhinjam port.

The transaction is subject to customary approvals, including regulatory ones.

Key Financial Details of AVPPL (as of March 31, 2026):

  • Income for the last financial year (FY26): ₹843.19 crore
  • Share Capital: ₹897.00 crore
  • Net Worth: ₹2,813.98 crore

Transaction Structure and Consideration:

  • The total deal value for AVPPL is USD 2.85 billion.
  • TiL's investment for its 49% share is USD 1.397 billion.
  • The investment will be made in two tranches:
  • Tranche 1 (USD 539 million): Consideration for the 49% equity stake in AVPPL.
  • Tranche 2 (USD 858 million): To be invested upon the completion of the port's expansion by December 2028, representing TiL's 49% participation in the construction debt/equity for the expansion, which has a total capex of USD 1.75 billion.

Counterparty Details:

The buyer, Mundi Limited, is a subsidiary of TiL, which is itself part of the MSC Group. The disclosure confirms that the buyer does not belong to the promoter/promoter group/group companies of APSEZ and that the transaction does not qualify as a Related Party Transaction.

Strategic Rationale and Impact:

The partnership is presented as a strategic collaboration that will enhance volume visibility and accelerate the ramp-up of Vizhinjam port ahead of plan. Specific benefits cited include a higher share of Bangladesh cargo (currently dependent on Southeast Asian hubs), a strengthened presence on East Africa trade routes, and elevated relay cargo volumes. APSEZ will retain a 51% equity stake, hold a majority of board seats, and will continue to consolidate AVPPL as a subsidiary.

Vizhinjam Port Overview:

  • Current Status (Phase 1): Commissioned in December 2024 with a capacity of 1.6 million TEUs.
  • Expansion (Phase 2): Planned to increase capacity by 3.5x to 5.7 million TEUs by December 2028.
  • FY26 Performance: Handled 1.3 million TEUs.
  • Operational Milestones: Became the fastest Indian port to cross 1 million TEUs (within first year) and 2 million TEUs (within 18 months). By June 2026, it had handled over 1,000 vessels, including more than 70 Ultra Large Container Vessels (ULCVs).
  • Infrastructure: Features a natural draft of 18–20m, a 2.9 km breakwater, an 800m berth, 8 quay cranes, and 24 fully automated yard cranes. It is India's first automated port.

Historical Context:

This marks the third major collaboration between APSEZ and the MSC/TiL group, following successful joint ventures at Mundra (Container Terminal No. 3, a 50:50 JV) and Ennore (a 51:49 JV where APSEZ is majority partner).