Major Indian business conglomerate Adani Group is considering making a bid for the state-owned logistics giant Container Corporation of India (CONCOR) after the government initiated a privatization project, according to reports.
India is reportedly looking to make approximately US$8.5 billion by March 2020 from the privatization, which includes selling the Shipping Corporation of India (SCI) and Bharat Petroleum Corp Ltd.
If accurate, the government will offload 30% of its stake in CONCOR and 63.7% of its shares in SCI.
CONCOR is currently run by the Indian Ministry of Railways and operates a network of seven inland container depots (ICDs). Its share price rose by 9.5% when the reports surfaced.
Adani Group is an integrated business conglomerate comprised of six publically traded companies with revenues of approximately $13 billion.
Its ports and logistics segment sees it have a presence in 10 ocean ports across India, including Mundra Port, Gujarat, the largest commercial port in the country.