Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest ports and logistics company, has acquired an 80% stake in support vessels operator Astro Offshore. Adani will pay US$185 million for the shareholding, with the existing shareholders retaining 20%.

With the core transaction documents successfully signed, the deal is expected to close shortly. Watson Farley & Williams advised Astro Offshore.

The all-cash deal gives Astro Offshore an enterprise value of US$235 million, enabling it to expand its fleet and increase its competitive edge in the global maritime space.

Founded in 2009, Astro Offshore is a leading global offshore services provider in the Arabian Gulf and Indian subcontinent. With a modern fleet of 26 offshore support vessels (OSV), it has garnered an impressive roster of Tier-1 customers spanning the EPC, oil and gas, and renewables sectors.

Astro’s experience in supporting offshore construction, maintenance, and drilling operations aligns with APSEZ’s long-term growth ambitions. Its current fleet of tugs and dredgers totals 142 vessels.