Adani Ports acquires 12th port
Adani Ports and Special Economic Zone Ltd. (APSEZ) has acquired a 12th port that it plans to develop as an alternative gateway to the government-owned Jawaharlal Nehru Port Trust (JNPT).
Situated on the two banks of Rajpuri Creek in Maharashtra, Dighi Port Limited (DPL) will be developed into a multi-cargo port with 14.5m depth, top-end infrastructure, plus rail & road infrastructure for efficient cargo transportation. APSEZ will strengthen and repair existing infrastructure and invest in development of facilities for dry, container and liquid cargo. APSEZ will also invite and support the development of port-based industries on port land.
Karan Adani, CEO and whole time director of APSEZ, said: “The successful acquisition of DPL adds another milestone in the Adani Port’s target of creating a string of ports to increase service coverage to the entire economic hinterland of India. With our growth focus, experience, and expertise in turning around acquisitions and we are confident of making DPL value accretive for all our stakeholders.
“Our investment & capacity augmentation plan will be aligned with policies of the Government of Maharashtra for development of ports, associated infrastructure, industrial and socio-economic development in the state.”
The acquisition of DPL establishes APSEZ’s footprint in Maharashtra and will support industry in the Mumbai & Pune regions. APSEZ will be able to serve customers in Maharashtra, North Karnataka, West Telangana & Madhya Pradesh and increases its economic hinterland reach to over 90%.
DPL was initially being developed by Balaji Infra Projects Ltd (BIPL) under a 50-year ‘Build, Own, Operate, Share, Transfer (BOOST)’ concession agreement signed with the government-run Maharashtra Maritime Board (MMB) to develop, operate, finance and maintain the port. APSEZ acquired DPL under the Corporate Insolvency Resolution Plan (CIRP) for INR 705 Cr. It will invest a further INR 10,000 crores into the port’s development.