The Indian ports operated by Gautam Adani have been the subject of scrutiny and controversy in recent months. Now, an upcoming IPO from billionaire Sajjan Jindal’s JSW Group is set to test investors’ appetite for Indian port operators. Jindal’s company is India’s second-largest commercial port operator and oversees concessions for nine ports, moving iron ore for its flagship steel business, JSW Steel. The $340 million share offer is expected to generate stable, long-term cash flows, which should attract global investors seeking a refuge from high inflation. The deal will provide a benchmark for a global industry with few listed giants. Meanwhile, Gautam Adani’s underlying ports business has also drawn interest despite the controversy. Adani Ports & Special Economic Zone lost 40% of its market value earlier this year following allegations of fraud and stock manipulation. The company has denied the allegations, though its auditor recently gave its books a qualified opinion after concerns were raised about some transactions.
Indian Ports to Test Tycoons’ Safe Harbors
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