Adani International Port Holdings, a worldwide port operator and logistics company owned by India’s richest man, Gautam Adani, plans to increase its presence in Tanzania through the strategic acquisition of Tanzania International Container Terminal Services (Ticts).
The investment by Gautam Adani, Asia’s richest man with a worth exceeding $100 billion, is likely to strengthen Ticts’ position as Tanzania’s main container terminal. Ticts’ main activities are stevedoring, loading and unloading container boats, onshore operations, container stuffing and un-stuffing, storage, and cargo transfer to consignees.
Tanzania’s Fair Competition Commission (FCC) announced in a public notice that it has received notification from East Africa Gateway Limited, a wholly owned subsidiary of Adani International Port Holdings, that it intends to acquire the entire issued ordinary share capital of Ticts.
The East Africa Gateway, formed in the United Arab Emirates, was founded to oversee the Adani Group’s economic interests in East Africa and across the African continent. The FCC has launched a thorough examination and investigation of the proposed transaction to determine its possible impact on competition in Tanzania and the East African region.
Gautam Adani, the chairman and founder of the Adani Group, has over 33 years of commercial expertise. Under his leadership, the Adani Group has grown into a global integrated infrastructure company with holdings in the resources, logistics, and energy sectors.
Adani’s net worth increased by $16.4 billion this year to $101 billion as of this report. Adani Group, a diversified corporation with ten publicly traded firms, has built a world-class transport and utility infrastructure portfolio with a pan-India footprint.
Adani Group’s key subsidiaries are Adani Enterprises, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Ports, and Adani Green Energy, all of which contribute to the company’s global presence. Adani Group’s expansion into East Africa is a strategic move that aligns with the company’s overall ambition of becoming a major player in international logistics and port operations.