Adani Ports Unit Incorporates New Subsidiary For Ship Leasing Business

Shanti Sagar International Dredging Ltd., a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd., incorporated a new unit on Thursday to carry out the ship leasing business.

Poseidon Leasing IFSC Ltd. is incorporated with the objective of carrying out the business of ship leasing, including the operating lease or financial lease of ships or ocean-going vessels and engines of ships or ocean-going vessels or any other part thereof, according to an exchange filing.

Poseidon has an authorised and paid-up share capital of Rs 2.5 crore and was incorporated in GIFT City, Gujarat.

Shares of Adani Ports closed 0.77% lower at Rs 1,245.6 apiece on the BSE before the announcement, as compared with a 1% decline in the benchmark Sensex.