Adani Group is considering investment of more than $2b in Lien Chieu port, Vietnam's coastal city of Danang, according to a posting on the Southeast Asian country's govt website, citing co.'s chairman Gautam Adani in a meeting with Vietnamese PM Pham Minh Chinh in New Delhi.
The company also looks to invest in a thermal power project in Vietnam's south central coastal province of Binh Thuan, with total investment expected at $2.8 billion. It also plans to cooperate with Vietnamese partners in aviation and logistics sectors, including construction of Long Thanh and Chu Lai airports, reports said.
Last month, Adani Ports and Special Economic Zone Lt also announced long-term investments worth around $10 billion in Vietnam, including $3 billion in ports and green energy there.
Adani said the company spent time researching and assessing opportunities for long-term investment in the Southeast Asian country. Along with the seaport and logistics sectors, the ports operator is also looking at investing in the energy sector and digital technology of the nation.
To shift flagship’s food biz to Wilmar JV
Adani Enterprises will separate the food business and combine it with the publicly-listed Adani Wilmar. The foods unit includes the trading and supply of edible oil & allied commodities, investments in Adani Commodities, and other assets and liabilities associated with the business.
Shareholders of Adani Enterprises will be issued shares of Adani Wilmar as consideration for the transfer of the foods business. Adani Enterprises owns about 44% of Adani Wilmar, in which Singapore’s Wilmar holds a stake. However, once the scheme is implemented, shareholders of Adani Enterprises will directly own Adani Wilmar shares. The move will help promoters - Adani Commodities and Lence (belonging to Wilmar) - of Adani Wilmar to bring down their stake in the company to 77% from their current 88%
