Adani group to bring Mundra Ports and SEZ under flagship brand
21 November 2011
Mundra Port and Special Economic Zone Ltd today proposed to change its name to `Adani Ports and Special Economic Zone Ltd', as part of the promoter group's plan to bring all its business and equity holdings under flagship brand 'Adani'.
''The board of directors has approved change of name of the company from 'Mundra Port and Special Economic Zone Limited' to 'Adani Port and Special Economic Zone Limited' or any other name as may be approved by the Registrar of Companies, Gujarat and subject to the approval of shareholders,'' the company said in a filing with the Bombay Stock Exchange (BSE).
This is in line with the Adani group's plan to set up ports in locations other than Mundra. The group has recently acquired a port in Australia and has bid for the Vizhinjam port project in Kerala, besides expanding its presence to ports at Hazira and Dahej as also locations on the east coast as well.
Also, the group, promoted by Gautam Adani, proposes to bring all its businesses under one flagship brand `Adani'.
Adani group includes Adani Enterprise, Adani Wilmar, Adani Power among others.
Adani group held 77.50-per cent stake in MPSEZ after its promoters Adani family merged their holding in the port venture. Except for port and SEZ, all other business of the group like coal mining and trading, real estate, agriculture and energy operated under the Adani brand.