What was filed
On 29 June 2026, Adani Ports and Special Economic Zone (APSEZ) entered into a Share Purchase and Subscription Agreement with Mundi Limited, a subsidiary of Terminal Investment Limited (TiL), MSC Group's container terminal operating and investing arm. Under the agreement, TiL will invest for a 49% interest in Adani Vizhinjam Port Private Limited (AVPPL), the concessionaire for the Vizhinjam transshipment port. The transaction remains subject to customary approvals, including regulatory ones, per the filing.
AVPPL is currently a 100% subsidiary of APSEZ. Post-completion, APSEZ says it will retain 51% of the equity, hold a majority of board seats, and continue to consolidate AVPPL as a subsidiary. The buyer does not belong to the promoter or promoter group, and the company states the transaction does not fall under related party transactions.
How the consideration is structured
The filing sets AVPPL's total deal value at USD 2.85bn, with TiL's 49% share at USD 1.397bn, payable in two tranches. The first tranche is consideration for the stake itself; the second is tied to TiL's participation in the port's expansion, expected to complete by December 2028. Vizhinjam's Phase 2 expansion is set to raise capacity by roughly 3.5x, from 1.6 million TEUs to 5.7 million TEUs, according to the accompanying press release.
APSEZ frames the arrangement as the third major collaboration with MSC, following joint ventures at Mundra (Container Terminal No. 3) and Ennore. The company describes it as the single largest foreign private investment in Indian port infrastructure.
Why it matters to a holder
For APSEZ, the deal converts a wholly owned asset into a majority-held joint venture while bringing in a global shipping line as a partner. Because APSEZ retains 51% and board control, AVPPL continues to be consolidated as a subsidiary. The company points to expected benefits including enhanced volume visibility, accelerated ramp-up at Vizhinjam, a higher share of Bangladesh cargo, and greater relay volumes — all stated as management expectations, not results. Completion depends on regulatory and customary approvals still pending.