Lost your password?
Don't have an account? Sign Up

APSEZ intends to invest ₹1,689 Crore for ship leasing firm in Gift City

Share This News Story:

GANDHINAGAR : Adani Ports and Special Economic Zone Ltd (APSEZ) has proposed a significant investment of ₹1,689 crore for the establishment of Poseidon Leasing IFSC Ltd, a step-down subsidiary company, to operate within the GIFT SEZ in Gujarat. This strategic move marks their venture into ship leasing activities, encompassing both operating and financial leases of ships, ocean-going vessels, and related components.

Poseidon Leasing IFSC Ltd has been set up under the umbrella of another APSEZ subsidiary, Shanti Sagar International Dredging Ltd (SSIDL), which will hold full ownership of Poseidon. The newly formed entity will boast an authorized and paid-up capital of ₹2.5 crore, divided into ₹25,00,000 equity shares of ₹10 each. While the company is yet to formally respond to queries, sources familiar with the matter revealed that three director names have been proposed for the venture

This move by the Adani Group signifies their active expansion within the maritime sector, particularly in ports and terminals across India. Establishing a ship leasing entity within Gift City holds strategic significance as it enables Indian firms to conduct transactions in foreign currency, thus attracting companies that previously operated overseas due to regulatory and tax considerations. The decision to set up ship leasing operations at Gift City aligns with the broader trend of Indian entities seeking regulatory clarity and tax incentives domestically, rather than opting for offshore locations like Dubai or Singapore.

Share This News Story: