APSEZ & MSC Group Expand Strategic Partnership to Vizhinjam Port

Research evidence excerpt

APSEZ & MSC Group Expand Strategic Partnership to Vizhinjam Port

Infrastructure

Adani Ports and Spec. Econ. Zone

Ltd. (ADSEZ.IN)

EQUITY RESEARCH Quick Take

June 30, 2026

APSEZ & MSC Group Expand Strategic Partnership to Price: INR1,776.10

Price Target: INR2,178.00 Vizhinjam Port

Rating: Overweight Takeaways

Key Statistics: APSEZ and MSC Group's terminal investment arm, Terminal Investment

Symbol NSEI: ADSEZ.IN Limited (TiL), have signed a definitive agreement under which TiL will

52-Week Range 1,290.50 - 1,857.80 acquire a 49% stake in Vizhinjam Port. The deal values the port at $2.85bn, Market Cap 4,092,061.8

ADV (3 mo) 4,117,149 with TiL's consideration at ~$1.4bn. APSEZ retains 51% ownership, majority

Shares Out (M) 2,304.0 board control, and continues to consolidate the ports into operations. This

is the single largest foreign private investment in Indian port infrastructure

Research Analysts: to date; the transaction remains subject to customary and regulatory

Manish A. Somaiya approvals.

212-915-1051

Manish.Somaiya@Cantor.com In our view, the partnership extends our thesis on APSEZ. It is structured as

minority-stake co-investment with strategic shipping-line partner, aligning

One-Year Price History volume commitments with terminal capacity rather than relying purely

2000 on open-market cargo competition. This is APSEZ's third such partnership

1800 1700 following Mundra (2013) and Ennore (2023), and we think the precedent

1600 1500 reduces execution and governance risk relative to a first-time counterparty

1300 arrangement. We reiterate our OW rating and PT of INR 2,178.

07/25 09/25 12/25 03/26 06/26

ADSEZ.IN Created by BlueMatrix Summary

Vizhinjam is India's first automated container terminal and strategically