NE BUSINESS BUREAU
NEW DELHI, JULY 22
Fairtrade regulator the Competition Commission of India (CCI) on Wednesday said it has given nod to acquisition of Krishnapatnam Port Company Ltd by Adani Ports and Special Economic Zone Ltd.
The proposed transaction involves the acquisition of equity shareholding along with management control of 100 percent of the total issued and outstanding preference share capital of Krishnapatnam Port Company, a combination notice filed with the regulator noted.
In a tweet on Wednesday, the Competition Commission of India (CCI) said it “approves acquisition of Krishnapatnam Port Company Limited by Adani Ports and Special Economic Zone Limited.”
Krishnapatnam Port Company is engaged as a developer and operator of the deepwater port at Krishnapatnam, Andhra Pradesh, while Adani Ports and Special Economic Zone Ltd is a customer-facing integrated port infrastructure services provider present across ten domestic ports in Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha, the combination notice said.
APSEZ signs up for Science-Based Targets initiative
Adani Ports and Special Economic Zone (APSEZ) on Wednesday said it has become the first Indian port to sign up for the Science Based Targets initiative, which independently assesses corporate emissions reduction targets.
Science-based targets are greenhouse gas emissions reduction targets that are in line with the level of decarbonisation required to meet the goals of the Paris Agreement. Through SBTi, companies are responding by committing to set science-based emissions reduction targets — across their entire value chain — that are consistent with keeping global warming to 1.5°C above pre-industrial levels.
The companies have 24 months to have their targets approved and published by the SBTi. APSEZ has also signed commitment as a supporter to the Taskforce on Climate Related Financial Disclosure (TCFD), which develops voluntary, consistent climate related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders, the company said in a BSE filing. A total of 16 Indian companies are supporting the TCFD out of which two are Adani Group’s subsidiaries.
“As a group, we are committed to a sustainable future driven by continuous interventions in our processes and operations. APSEZ is committed to SBTi and TCFD to ensure emission reductions are achieved with defined targets towards the goal of becoming carbon neutral.
“This is another significant step demonstrating the Adani Group’s stated commitment of contributing to India”s COP21 targets and global climate goals,” APSEZ CEO and Whole Time Director Karan Adani said.
SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).
