Private equity firm Warburg Pincus LLC will invest in billionaire Gautam Adani’s port business just as the tycoon grabs 30% market share in the industry in India.
Warburg will invest 8 billion rupees ($110 million) for a 0.49% stake in Adani Ports and Special Economic Zones Ltd., the Indian company said in an exchange filing on Sunday.
The purchase comes days after the New York-based company sold its stake in an Indian port to Adani for 19.5 billion rupees helping the nation’s second-richest man snare his 12th port in the country. Warburg is betting Adani will benefit from India’s rising trade and Prime Minister Narendra Modi’s incentives to lure overseas manufacturers to set up factories in Asia’s third-largest economy.
Warburg will buy Adani Ports shares at 800 rupees. That’s 7% more than the closing price on Friday. Adani earlier this month said it will acquire a 31.5% stake in Gangavaram Port Ltd. from a unit of Warburg.
Adani has added $16.2 billion to his wealth this year, according to the Bloomberg Billionaires Index, the most in the world.
Source: BNN Bloomberg
Can’t stop reading? Read more
Blackstone taps bond market as private credit BDCs end issuance drought
Blackstone taps bond market as private credit BDCs end issuance drought Blackstone's private...
EQT raises the stakes with revised $12.3bn bid for Intertek
EQT raises the stakes with revised $12.3bn bid for Intertek EQT has tabled an improved takeover...
Temasek’s Azalea bets on evergreen structure to democratise private equity access
Temasek's Azalea bets on evergreen structure to democratise private equity access Azalea, a unit...