Adani Ports Eyes Controlling Stake In Associated British Ports In Potential £10 Billion Deal

Adani Ports and Special Economic Zone (APSEZ) is considering a bid for Associated British Ports (ABP), the largest port operator in the United Kingdom, according to people familiar with the matter.

The proposed deal involves the sale of a controlling 63.9% stake in ABP, currently owned by two Canadian pension funds. The Canada Pension Plan Investment Board (CPPIB) holds a 30% stake, while the Ontario Municipal Employees Retirement System (OMERS) owns 33.88%. Both investors have appointed bankers to oversee the sale process.

A deal could value ABP at more than £10 billion, which would make it the largest overseas acquisition in APSEZ's history. Discussions are at an early stage and may not result in a formal bid, people familiar with the matter said.

The Adani Ports share price today was trading 2.56% lower at ₹1,729.20 as of 12:01 PM.

What ABP Is

ABP owns and operates 21 ports across England, Scotland and Wales, handling approximately a quarter of the United Kingdom's seaborne trade. Its portfolio includes Immingham, the UK's largest port by tonnage, and Southampton, the country's number one export port handling £40 billion of exports annually.

The 21 ports collectively processed 42.5 million tonnes (MT) of bulk cargo and 3.1 million units of containerised and roll-on roll-off cargo in 2025, generating revenue of £819.8 million and operating profit of £586.5 million. ABP also provides operations and maintenance support for over 50% of the UK's offshore wind sector activity.

A substantial portion of ABP's revenue comes from long-term customer contracts that guarantee income regardless of traffic volumes, and from pilotage and conservancy services as the statutory harbour authority for most of its ports.

Other existing shareholders include Singapore's GIC with 20%, Kuwait Investment Authority's Wren House Infrastructure with 10% and Hermes Infrastructure Fund's Anchorage Ports.

Why This Fits APSEZ's Strategy

APSEZ is pursuing an ambition to become the world's largest transport utility by 2031. The company handled a record 500 million tonnes of cargo in FY26 and is targeting one billion tonnes annually by 2030.

It has been steadily expanding internationally, with ports in Israel, Sri Lanka, Tanzania and Australia already under its belt. Domestically, it operates 15 ports including Mundra, India's largest commercial port, with a handling capacity of around 627 million tonnes per annum.

The company has outlined plans to invest up to ₹1 lakh crore over five years, though strategic acquisitions fall outside this capex envelope. APSEZ had cash and equivalents of ₹12,193 crore at end-March against gross debt of ₹55,103 crore.

Other parties that have reportedly shown interest in ABP include KKR, BlackRock's Global Infrastructure Partners, Brookfield Asset Management and DP World.

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