Adani Group to buy government company CONCOR

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Ahmedabad, on 20 October 2022, Thursday

India's richest man is rushing to expand his business as his wealth grows. After acquiring the defense company this week, Adani Group is reportedly moving to buy public sector Concor.

According to reports, the Adani group is close to a deal to buy Container Corporation of India (CONCOR), which operates Indian Railways' container depots. Within the next few months, Container Corp will become part of the Adani Group of companies.

Adani Ports and Special Economic Zone Ltd (APSEZ) is aggressively raising cash and debt to acquire Container Corporation of India Ltd, Gautam Adani's son and Chief Executive Officer Karan Adani has said.

It may be mentioned here that the government has also started the roadshow for disinvestment of CONCOR yesterday. CONCOR is currently owned by Indian Railways. The Union Cabinet on September 7 approved the policy of long-term lease of land of Indian Railways. In which the land license fee has been reduced from 6 percent to 1.5 percent and the lease period has also been increased from five years to 35 years.

This amendment in the railways' land policy is likely to attract private investors to buy the government's stake in private sector companies, thereby speeding up its disinvestment process.

In November 2019, the Union Cabinet approved the sale of the government's 30.8 percent stake in Container Corporation along with the transfer of management control.

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