Adani Ports and Special Economic Zone, one of the largest private multi-port operators, has signed Share Purchase Agreement (SPA) with TKM Global GmbH, Germany; International Shipping & Logistics FZE, Dubai and TM Harbour Services to acquire 100% stake of TM Harbour Services.

The cost of acquisition for the business is Rs 1.06 billion which includes Fixed Assets, Working Capital and Closing Adjustment.

TM Harbour Services is engaged in the business of operating and providing services of harbour tugs. TM Harbour owns three harbour tugs having capacity of 65 tons bollard pull equipped with full/half firefighting system. The revenue for financial year 2015-16 was Rs 317.2 million.

Shares of the company gained Rs 7.8, or 2.81%, to trade at Rs 284.90. The total volume of shares traded was 135,008 at the BSE (9.58 a.m., Thursday).