Adani Ports Acquires 95% Stake in Tanzania International Container Terminal Services Limited for USD 39.5 Million

Adani Ports and Special Economic Zone Limited, through its subsidiary Adani International Ports Holdings Pte Ltd (AIPH), has signed a concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 (CT2) at Dar es Salaam Port, Tanzania. Additionally, AIPH, along with its joint venture entities AD Ports Group and East Harbour Terminals Limited, have entered into a Share Purchase Agreement to acquire 95% stake in Tanzania International Container Terminal Services Limited (TICTS) from Hutchison Port Holdings Limited and its affiliates for an amount of USD 39.5 million. TICTS currently owns all the port operating/handling equipment and employs the manpower. The acquisition is expected to be completed by the end of June 2024.