Adani International Port Holdings, a multinational port operator and logistics company owned by India’s richest man, Gautam Adani, is set to expand its interest in Tanzania with the strategic acquisition of Tanzania International Container Terminal Services (Ticts).
The move by Gautam Adani, Asia’s richest man with a fortune surpassing $100 billion, is expected to bolster Ticts’ standing as Tanzania’s largest container terminal. Ticts’ core activities include stevedoring, loading, and unloading of container vessels, onshore operations, stuffing and un-stuffing of containers, storage, and cargo delivery to consignees.
Competition check: Adani’s East Africa Gateway notifies FCC of Ticts acquisition plan
Tanzania’s competition commission, the Fair Competition Commission (FCC), revealed in a public notice that it has received a notification from East Africa Gateway Limited, a wholly owned subsidiary of Adani International Port Holdings, expressing its intent to acquire the entire issued ordinary share capital in Ticts.
The United Arab Emirates-incorporated East Africa Gateway was established to spearhead Adani Group’s business interests in East Africa and the broader African continent. The FCC has initiated a thorough review and investigation into the proposed acquisition to assess its potential impact on competition in Tanzania and the East African region.
Adani’s meteoric rise: A $16.4-billion surge in net worth and global expansion plans
Gautam Adani, the chairman and founder of Adani Group, boasts more than 33 years of business experience. Under his leadership, the Adani Group has evolved into a global integrated infrastructure player with interests spanning Resources, Logistics, and Energy verticals.
This year alone, Adani’s net worth has surged by $16.4 billion, reaching $101 billion at the time of this report. Adani Group, a diversified organization comprising 10 publicly traded companies, has established a world-class transport and utility infrastructure portfolio with a pan-India presence.
Key subsidiaries of Adani Group include Adani Enterprises, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Ports, and Adani Green Energy, each contributing to the group’s prominence in the global business landscape. Adani Group’s expansion into East Africa signifies a strategic move, aligning with its overarching goal of becoming a prominent player in international logistics and port operations.