Adani Enterprises forms Adani Bunkering a fully owned subsidiary

Adani Enterprises (AEL) bought 49 per cent stake in Chemoil Energy (Chemoil), a subsidiary of Glencore and AEL at an undisclosed amount. The share price of the company increased by 2.61 per cent on the BSE in early trades and is trading at Rs 85.55 on intraday basis.

 Previously, Chemoil-Adani Pte Limited was a jointly owned bunker supplier that supplied bunker fuel to vessels in Mundra and other ports in India. Further stake acquisition by the company, Chemoil will no longer be associated with the business, which will be fully owned and managed by Adani and renamed Adani Bunkering.

The Chemoil and Adani Joint Venture (JV) was a bunker supplier to vessels in Mundra port and other Indian ports including Kandla, Jamnagar, Vadinar, Hazira, Dahej, and Goa. Chemoil is a natural resource company and a major producer and marketer of over 90 commodities.

The joint venture was very successful in starting and growing the business into a major supplier in the Indian bunker market. Both parties now feel that the time is right to separately pursue their own strategies in this important and rapidly growing market. Glencore and the Adani group have a long and successful association in a number of businesses around the world, and will continue to collaborate where they see shared opportunities.

Recently, Golden Concord Holdings (GCL) has signed a strategic collaborative agreement with AEL, aiming to carry out large-scale cooperation in India's green energy sector, petroleum logistics and photovoltaic industry.

The shareholding pattern indicates that FII holdings contracted considerably by 548 basis points to 12.47 per cent and DII holdings contracted by 1 basis points to 2.62 per cent during June 2015 quarter.

AEL is engaged in coal trading, coal mining, oil and gas exploration, ports, multimodal logistics, power generation and transmission, and gas distribution. The company has segments viz. Trading, Power, Port, Agro and Others. It is engaged in resources, logistics, energy and agro businesses. Under the resources business, it obtains coal from mines and trades them. Under the logistics business, it owns and operates seven ports and terminals, such as Mundra, Dahej, Hazira and Tuna Tekra, Kandla in Gujarat, Dhamra in Orissa, Mormugao in Goa and Visakhapatnam, India.