Comment / M&A radar: Adani's Indian empire swells as trouble looms abroad

It has been an avalanche of M&A – in the fullest sense of the term – for listed Indian port operator Adani Ports & Special Economic Zones (APSEZ, to give it its full name) in recent months.

It may have gone largely unnoticed outside India, but amongst traders at the Bombay Stock Exchange, where it has risen some 230% in the past 12 months, investors have been attracted to a strong port story based on acquisitions.

The last month has been especially ...