Adani buys 80% in Astro Offshore – Times of India

MUMBAI: Adani Ports will buy 80% stake in Astro Offshore from its promoter and MD Mark Humphreys for $185 million, it said on Friday. Incorporated in 2009, Astro owns a fleet of 26 offshore support vessels.
The share-purchase is part of Adani Ports’s plan to be among the top marine operators in the world. Humphreys will continue to own the remaining 20% stake in Astro, which has a play in the Middle East, India, Far East Asia and Africa.
In FY24, Astro made an operating profit of $41 million over a revenue of $95 million.During this period, the company also became net cash positive. Adani Ports CEO Ashwani Gupta said that Astro will add 26 OSVs to their fleet of 142 tugs and dredgers. Astro’s customers include NMDC, McDermott, COOEC, Larsen & Toubro and Saipem. Adani Ports’s stake purchase in Astro implies an enterprise value of $235 million. TNN