Adani Ports to enter Europe with €2.56 billion buyout of Evos

Mumbai: Adani Ports and Special Economic Zone Ltd (APSEZ) announced its entry into Europe on Thursday with the planned acquisition of Evos BV, the continent’s second-largest liquid storage operator, at an enterprise value of €2.56 billion (over ₹27,000 crore).

This will be the Ahmedabad company’s fifth international acquisition in as many years, highlighting its growing global ambitions. It operates terminals in Israel, Tanzania, Sri Lanka, and Australia.

APSEZ was weighing 20 acquisition opportunities around the globe, chief executive officer Ashwani Gupta told analysts on Thursday evening. The company still had an appetite for overseas acquisitions as long as it could acquire the assets without overleveraging itself, he said.

The Evos transaction checked all the boxes that APSEZ looks for when buying an international asset, Gupta said. The asset will immediately contribute to the company's revenue and profit; it has a double-digit return on capital employed (ROCE), and a proforma leverage ratio of less than 2.5 net debt to Ebitda.

The acquisition would also be the company's largest transaction ever by enterprise value. APSEZ will pay €1.18 billion ( ₹12,500 crore) in cash to Igneo Infrastructure Partners to acquire a 100% stake in Evos over the coming 15 months. It will also assume the company’s debt, bringing the value to €2.56 billion.

The deal will be funded through debt, underwritten entirely by MUFG in euros, as Adani increasingly turns to Japanese lenders to bankroll its expansion.

“Evos marks an important milestone in APSEZ’s trajectory towards handling one billion tonnes of cargo and building a truly global, integrated transport platform,” Karan Adani, managing director of APSEZ, said in a press statement.

Evos operates eight port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta, with 6.3 million cubic metres of total storage capacity. Evos’s assets, which handle fuels such as gasoline, diesel, marine fuels, sustainable aviation fuels and biofuels, will be APSEZ's first liquid storage capacity outside India.

For context, APSEZ has a capacity of 5.5 million cubic metres across five Indian ports.

“We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth,” Karan Adani said.

APSEZ said the acquisition was a strong strategic fit for its portfolio, as it provided a European foothold and added predictable cash flows backed by take-or-pay contracts. The European company had reported €392 million in revenue in 2025 and Ebitda of €219 million.

The acquisition comes less than a year after APSEZ acquired the North Queensland Export Terminal (NQXT) in Australia for ₹21,640 crore from a promoter group company in an all-stock deal.

APSEZ is India’s largest private port operator, with 16 ports and terminals in its fold. It is a key cash generator for the Adani Group, yielding more than ₹21,000 crore in cash over the 12 months to 30 September, according to its latest investor presentation. The company holds ₹12,500 crore in cash reserves against a gross debt of ₹57,700 crore.

Shares of Adani Ports and Special Economic Zone Ltd closed 0.53% lower at ₹1,897 on BSE on Thursday, while the Sensex gained 2.6% after the Democrats won both houses of Congress in the US midterm elections.

Nehal chronicles India’s top conglomerates for Mint. From navigating the complexities of big-bang mergers and large-scale fundraises to decoding high-profile recruitments and seemingly inexplicable corporate pivots, Nehal focuses on unpacking the long-term strategies of the country’s most influential business houses. He aims to provide readers with a clear-eyed view of how these corporate titans shape the broader Indian economy.<br><br>His professional journey began at The Economic Times in 2018, where he spent over five years before joining Mint in 2023. Over his career, he has tracked diverse sectors like automobiles, metals, cement, power, infrastructure, and renewable energy. He also keeps a close watch on the intricacies of corporate finance and corporate governance. This wide-ranging sectoral experience allows him to better understand India’s large conglomerates that sit at the confluence of these vital industries.<br><br>Nehal studied mechanical engineering from the Pune University and graduated with distinction in 2017. Driven by a passion for storytelling, he pivoted to journalism immediately after, attending the Asian College of Journalism in Chennai. While his time in the newsroom has made him a healthy sceptic, his engineering roots keep him perpetually inquisitive about how things work—and why they fail.<br><br>He actively encourages readers to reach out for feedback, collaboration, or news tips. Nehal can be reached via LinkedIn or directly at nehal.chaliawala@livemint.com.

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