APSEZ subsidiary upgraded by 6 notches post acquisition
CAREEDGE has upgraded Gopalpur Port from BBB (RWP) to AA/Stable (upgraded by 6 notches) post acquisition by APSEZ in March 24.
CARE notes that “APSEZ has an established track record of successfully turning around port assets including Dhamra port post acquisition through bringing sticking cargo and operational efficiency”.
CARE notes the substantial prepayment of 64% of external debt by infusion of funds from APSEZ (in line with its capital management philosophy).
As per CARE, APSEZ the largest port developer and operator in India with operations across 10 ports and 3 terminals handling ~27% of seaborne cargo in India.
