Adani enters Bengal and Closes Gangavaram…
Adani Ports and Special Economic Zone (APSEZ) has signed a 30-year concession agreement with Syamam Prasad Mookerjee Port in Calcutta for a bulk terminal at the Haldia Dock Complex.
This facility has an annual capacity of almost 3.75 million tonnes per annum and joins the company’s existing 13 port concessions on both coasts of India.
At the same time, APSEZ is also waiting to learn if a proposed project involving the port of Tapout, located to the south of Haldia, is going ahead.
One investment that is moving forward for APSEZ involves acquisition of the remaining 58.1 per cent in Gangavaram Port Ltd (GPL).
After receiving approvals from NCLT Ahmedabad and NCLT Hyderabad, GPL becomes a 100 per cent subsidy of APSEZ, with the acquisition price quoted at Rs6,200 crore (US$753.7 million).
Karan Adani, CEO and Whole-time Director, APSEZ, notes: “Acquisition of GPL is a key milestone in consolidating our position as India’s largest transport utility and in achieving East Coast & West Coast parity.
Gangavaram Port has excellent rail and road network connectivity and is the business gateway to a hinterland spread over eight states.”
Located in North Andhra Pradesh, adjacent to Vizag Port, Gangavaram Port is the third largest non-major port in the region, with the ability to handle fully laden super cape size ships up to 200,000DWT. In FY 2022 it handled 30 million metric tonnes of dry and bulk commodities across its nine berths.
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