Adani Group companies explained, and why Adani Ports is buying Europe’s Evos for €2.56 billion
Adani Ports is buying Evos, Europe's second-largest independent liquid storage operator, for an enterprise value of €2.56 billion. Here is what the deal includes, how it fits the Adani Group's listed companies and what it means for the group's growth.
Adani Ports and Special Economic Zone (APSEZ), part of the Adani Group, has agreed to buy 100% of Netherlands-based Evos B.V. at an enterprise value of €2.56 billion (about ₹26,800 crore), the company said on 5 November 2026. Evos is Europe’s second-largest independent liquid storage operator, and the seller is Igneo Infrastructure Partners 1.
The deal gives the Adani Group’s ports arm its biggest foothold in Europe and adds a business that stores fuels and chemicals rather than handling containers. This explainer covers the Evos deal and sets out the Adani Group companies behind it. Euro figures are converted at ₹104.83 and dollar figures at ₹94.05, the rates on 7 November 2026.
The Adani Ports Evos acquisition in brief
| Buyer | Adani Ports and Special Economic Zone (APSEZ) |
| Target | Evos B.V., Netherlands |
| Stake | 100% 1 |
| Enterprise value | €2.56 billion, about $2.88 billion 1 5 |
| Equity value | €1.18 billion (about ₹12,400 crore) 1 |
| Valuation multiple | 11.7 times Evos’s 2025 EBITDA 3 |
| Funding | All cash, funded with debt; MUFG committed financing of up to €2.8 billion 2 3 |
| Expected completion | Within 15 months of 5 November 2026, subject to approvals 3 |
What Adani is buying
Evos runs eight port-based liquid storage terminals at seven ports in five countries: Amsterdam East, Amsterdam West, Rotterdam and Terneuzen in the Netherlands; Ghent in Belgium; Hamburg in Germany; Algeciras in Spain; and Malta 3. Its terminals have about 6.3 million cubic metres of storage capacity 6.
Evos reported 2025 revenue of €392 million and EBITDA of €219 million, a margin of about 56%, according to deal details published at announcement 7. The terminals sit in Europe’s main energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean 1.
Why Adani Ports wants Evos
APSEZ said the deal gives it exposure to the shift in Europe’s energy mix and adds high-margin, hard-currency earnings 2. It will expand APSEZ’s network from 20 to 28 ports and terminals across 10 countries 3. Managing director Karan Adani called it a significant step towards the company’s goal of handling one billion tonnes of cargo and building a global integrated transport platform 4.
Investors were cautious at first: Adani Ports shares fell 1.3% after the announcement 8. The company is paying with borrowed money, which adds debt even as it adds steady, fee-based income.
Adani Group companies: the listed businesses
The Adani Group, founded and chaired by Gautam Adani, has 10 listed companies 9. These were the largest by market value in late May 2026, when the group’s combined value was close to ₹20 lakh crore 10:
| Company | Main business | Market value, late May 2026 |
|---|---|---|
| Adani Power | Thermal power generation | ₹4,79,167 crore |
| Adani Ports and SEZ | Ports and logistics | ₹4,20,611 crore |
| Adani Enterprises | Flagship incubator: airports, mining, new businesses | ₹3,82,634 crore |
| Adani Green Energy | Solar and wind power | ₹2,44,177 crore |
| Adani Energy Solutions | Power transmission and distribution | ₹1,83,700 crore |
| Ambuja Cements | Cement | ₹1,13,012 crore |
Other listed group companies include Adani Total Gas, ACC, Orient Cement, Sanghi Industries and NDTV 11. At that point Adani Power, Adani Ports and Adani Enterprises all ranked among India’s 20 most valuable listed companies 10. Market values move daily, so treat these as a snapshot.
What the deal means for Gautam Adani’s wealth
Gautam Adani’s fortune depends on the value of these listed companies, so deals that investors like can lift it, and deals that worry them can weigh on it. On 5 November, the day the Evos deal was announced, his wealth still rose $1.12 billion to $117 billion on the Bloomberg index as Indian shares climbed 12. Read the full picture in Gautam Adani’s net worth explained, and explore more infrastructure fortunes on our logistics and travel and conglomerates hubs.
Sources
[1] ETV Bharat (PTI), Adani Ports to acquire 100 pc of Evos, 5 November 2026. [2] The Week (PTI), Adani Ports to acquire Evos for €2.56 bn, 5 November 2026. [3] PSU Connect, deal highlights. [4] Free Press Journal, Adani Ports expands into European energy storage. [5] gCaptain, Adani Ports makes major push into Europe, 6 November 2026. [6] Dealroom, Adani Ports to buy Europe’s Evos. [7] Investywise, Evos transaction details. [8] Finimize, Adani Ports buys Evos. [9] Business Standard, Adani’s 10 listed companies, April 2026. [10] IBTimes India, Adani Group market cap nears ₹20 lakh crore, May 2026. [11] Free Press Journal, other listed group companies, May 2026. [12] Punjab Kesari, report citing the Bloomberg Billionaires Index, 6 November 2026.
Frequently asked questions
What is Evos?
Evos B.V. is a Netherlands-based company and Europe’s second-largest independent liquid storage operator, with eight port terminals in the Netherlands, Belgium, Germany, Spain and Malta.
How much is Adani Ports paying for Evos?
An enterprise value of €2.56 billion (about $2.88 billion) and an equity value of €1.18 billion, paid in cash and funded with debt.
Which companies are part of the Adani Group?
Its biggest listed companies include Adani Power, Adani Ports and SEZ, Adani Enterprises, Adani Green Energy, Adani Energy Solutions and Ambuja Cements, plus Adani Total Gas, ACC, Orient Cement, Sanghi Industries and NDTV.
When will the Evos deal be completed?
The company expects to complete it within 15 months of 5 November 2026, subject to regulatory approvals and works council consultation.
- 1 ETV Bharat (PTI), Adani Ports to acquire 100 pc of Evos B.V., 5 Nov 2026
- 2 The Week, Adani Ports to acquire Europe's second-largest liquid storage operator Evos, 5 Nov 2026
- 3 PSU Connect, Adani Ports Buys Evos B.V. for €2.56 Bn, 5 Nov 2026
- 4 IBTimes India, Adani Group market cap nears Rs 20 lakh crore, 1 May 2026