CMA CGM Sells Shares Of Mondela Port To China Merchants

- Sep 17, 2020-

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Mundra Port is 50% owned by Adani Group and its French joint venture partner CMA CGM (CMA CGM). It is a jewel in the crown of Adani Port and the Special Economic Zone. APSEZ is the listed holding company of all Indian ports under the Adani Group.


   Mundra is located at the northernmost point of the western coastline of India. It claims to have a throughput of more than 5 million teu in 2019, defeating Nehru Port and becoming the first container terminal in India. It also ranks among the world's 30 largest container terminals for the first time.


As part of its blueprint for global restructuring and integration, CGM has proposed to sell half of its shares to China's state-owned China Merchant Port Holdings at a price of nearly $1 billion, and has formally sought the Indian government Approved.


According to the application submitted by France CMA CGM Terminal on May 21 this year, the company "developing, operating, and maintaining the CT-4 terminal at Mondela Port" hopes to transfer half of its 50% equity to a joint venture between a French company and China Merchants Group. enterprise.


   The proposal is currently being reviewed by the Ministry of Foreign Affairs (MEA) and the Ministry of Interior (MHA), and has been sent to the Ministry of Shipping and the Central Bank of India, the Reserve Bank of India.


   The government official who received the application revealed that the transaction "has not been approved so far." In the past few months, China's internal security agencies have shelved several other Chinese acquisition plans.


   If the transaction is successful, CMPH will own 24.9% of Adani-CMA Mundra Terminal.


   Sandeep Mehta, CEO of APSEZ, a national port holding company, confirmed that the CMA CGM proposal has been sent to the government for approval, but he could not disclose more details.


  "We have not really participated in the negotiations between our French partner and the Chinese company; no matter what the outcome of the CMA CGM holdings reduction plan, our shareholding will remain unchanged.


   CMPH established a joint venture with CMA CGM in 2013, which will hold 49% to 51% of the shares in 15 terminals worldwide. In December of last year, the two companies reached a $955 million agreement for their "terminal link" joint venture to assume another 10 port assets.


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