Adani Ports and Special Economic Zone Ltd. incorporated East Africa Ports FZCO as a step-down subsidiary of the company via its arm Adani International Ports Holdings Pvt., according to an exchange filing from the firm on Monday.
East Africa Ports FZCO has been incorporated in the United Arab Emirates and registered with Government of Dubai in Dubai Multi Commodities Centre on May 26, 2025, the filing added.
The step-down subsidiary will carry out "business of investment in commercial enterprises and management".
Notably, Adani Ports posted a 48% jump in its consolidated net profit for the January-March quarter of fiscal 2025, reaching Rs 3,014 crore. The Adani Group company also saw a 23.1% year-over-year growth in revenue, climbing to Rs 8,488.44 crore from Rs 6,896.5 crore.
Shares of Adani Ports closed 0.34% higher at Rs 1,400.20 apiece on the NSE, compared to a 0.6% rise in the benchmark Nifty. The stock has fallen 2.20% in the last 12 months and 13.74% on a year-to-date basis.
Nineteen analysts tracking the company, have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 12.4%.
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