Adani Ports & SEZ evaluates 20 global assets for acquisitions; rules out UK’s AB

SENSEX 74,151.04

+ 905.01

NIFTY 22,936.75

+ 237.90

CRUDEOIL 9,590.00

 -208.00

GOLD 143,134.00

 -571.00

SILVER 191,126.00

 -3,199.00

SENSEX 74,151.04

+ 905.01

NIFTY 22,936.75

+ 237.90

NIFTY 22,936.75

+ 237.90

CRUDEOIL 9,590.00

 -208.00

CRUDEOIL 9,590.00

 -208.00

GOLD 143,134.00

 -571.00

'; } document.getElementById("lgdv").innerHTML = htmlElements; } function numberformat(i) { return Number(parseFloat(i).toFixed(2)).toLocaleString('en', { minimumFractionDigits: 2 }) } async function gatherResponse(response) { const { headers } = response; const contentType = headers.get('content-type') || ''; if (contentType.includes('application/json')) { return await response.json() } return response.text(); } function getWidth() { if (Math.max(document.body.scrollWidth,document.documentElement.scrollWidth,document.body.offsetWidth,document.documentElement.offsetWidth,document.documentElement.clientWidth) > 991) { document.getElementById("mob").style.display = "none"; document.getElementById("lgdv").style.display = "block"; } else { document.getElementById("mob").style.display = "block"; document.getElementById("lgdv").style.display = "none"; } } getWidth(); THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.

AB Ports ruled out as asset failed to meet return-on-capital expectations

By Avinash Nair

Updated - October 29, 2026 at 06:18 PM.

Adani Ports & SEZ’s decision not to pursue AB Ports indicates that the company is unwilling to compromise on its return expectations while expanding internationally. | Photo Credit: AMIT DAVE

Adani Ports and Special Economic Zone (APSEZ) is evaluating 20 maritime assets globally for potential acquisitions, with a focus on developed markets, even as it simultaneously ruled out pursuing UK port operator Associated British Ports (AB Ports) after the asset failed to meet its return-on-capital expectations.

“We did evaluate AB Ports, but it did not fit in our playground of return on capital,” said Ashwani Gupta, chief executive officer of APSEZ about the company’s interest in the UK port operator. “We do not want to do an acquisition for the purpose of doing an acquisition. We want to do an acquisition which is meaningful and brings more or the same return as APSEZ today,” he added during the company’s earning’s call on Wednesday.

No compromise on returns

The company is continuing to assess opportunities across markets, with 20 assets currently under evaluation. Gupta said the feasibility studies varied by country and that APSEZ’s presence in Oman was part of its assessment process. No investment decisions had been taken on the assets under review, he added. The company’s overseas acquisition strategy is centred on identifying the right cargo mix and assessing an asset’s potential returns before committing capital. Containers remain its primary focus, given APSEZ’s strength in the segment, although it is also evaluating liquid terminals as ports increasingly become gateways for the energy transition.

“Our strength is containers, so the first thing we look at is where opportunity is driven by containers,” Gupta said. “We are also considering liquid terminals because ports tomorrow may be a gateway to energy transition,” he added. APSEZ handles more than 140 types of liquid cargo, he said, adding that the company evaluates opportunities from a commodity perspective before assessing the asset and its return profile.

The decision not to pursue AB Ports indicates that the company is unwilling to compromise on its return expectations while expanding internationally. Gupta said the UK asset did not fit the company’s shareholder return profile following its evaluation.

Indian investments

While continuing to explore overseas acquisitions, APSEZ is stepping up investments in India, raising its FY27 capital expenditure guidance to ₹15,000-17,000 crore from ₹12,000-14,000 crore earlier. The revised guidance represents an increase of ₹3,000 crore at both ends of the range. The company reported capital expenditure of ₹10,521 crore in the first half of FY27. Gupta said the higher investment guidance was driven by accelerated projects in India and did not include any additional international capex, even for organic expansion.

Mundra, Dhamra, Hazira and Vizhinjam are among the ports where investments are being accelerated. Gupta said average utilisation at Mundra was close to 92 per cent in the first two quarters, with some terminals operating above 100 per cent. “The increase in capex does not include any international capex, even organic. This increase in capex is mainly in India where we are accelerating the projects because we see clearly the potential in Mundra... We are starting the CT-5 (at Mundra) in a few weeks from now. Based on that prediction and based on the fundamentals of Indian economic growth we are accelerating the investment in the capex which is Mundra, Dhamra, Hazira and Vizhinjam,” Gupta added.

The company also raised its FY27 revenue guidance to ₹44,000-46,000 crore and earnings before interest, taxes and amortisation (EBITA) guidance to ₹26,000-27,000 crore, increasing both expectations by ₹1,000 crore.

Published on October 29, 2026

Companies to follow

• Adani Ports & Special Economic Zone Ltd

THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.Sign into Unlock benefits!

• Access 10 free stories per month
• Get notified by email for early preview to new features, discounts & offers