Equity Snap: Adani Ports and SEZ (ADSEZ IN): Overseas leap: ADSEZ targets control of UK’s ABP

Research evidence excerpt

Equity Snap: Adani Ports and SEZ (ADSEZ IN): Overseas leap: ADSEZ targets control of UK’s ABP

29 July 2026

Equity Snap: Adani Ports and Equities Transportation Infrastructure

SEZ (ADSEZ IN)

Overseas leap: ADSEZ targets control of UK’s ABP India

◆ ADSEZ is considering a bid for ~63.9% stake in Associated Parash Jain*

British Ports (ABP), UK’s biggest port operator, which owns Global Head of Transport & Logistics Research The Hongkong and Shanghai Banking Corporation Limited

and operates 21 ports and a quarter of UK’s seaborne trade parashjain@hsbc.com.hk

+852 2996 6717

◆ ABP’s pilotage and conservancy services, and offshore wind Deepak Maurya*, CFA

Analyst, Asia Transport

O&M are a strategic fit for ADSEZ’s marine business The Hongkong and Shanghai Banking Corporation Limited

deepakmaurya@hsbc.com.hk

+852 2822 4292

◆ ABP’s defensive earnings comprise significant take-or-pay

Bruce Chu*, CFA

revenues Analyst, Asia Transport

The Hongkong and Shanghai Banking Corporation Limited

bruce.y.h.chu@hsbc.com.hk

+852 2996 6621

Adani Ports and SEZ (ADSEZ IN, INR1774.70, Buy, TP INR2200.00)

(Priced as of 28 Jul 2026)

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

Potential overseas step-change – ADSEZ weighs control of UK’s ABP: On 29 not registered/ qualified pursuant to FINRA regulations

July, the Economic Times (ET) reported that ADSEZ is evaluating a bid for a ~63.9%

controlling stake in Associated British Ports (ABP), potentially from two Canadian

pension funds, but did not disclose deal structure or valuation.

Scale, gateways and diversified cargo: ABP is the UK’s largest port operator, with 21

ports handling nearly a quarter of seaborne trade. Flagship assets include Immingham

(largest by tonnage) and Southampton (the UK’s top export port).