Adani Ports inks deal to enhance Haldia Dock's capacity in Bengal

Adani Ports and Special Economic Zone said that its wholly owned subsidiary HDC Bulk Terminal (HBTL) has signed a concession agreement with Syama Prasad Mookerjee Port, Kolkata (SMPK) for mechanization of Berth no. 2 at Haldia Port.

In February this year, Adani Ports had informed about the receipt of a letter of award (LoA) from Syama Prasad Mookerjee Port, Kolkata, for development and operation of Berth no. 2 on design, build, finance, operate and transfer basis at Haldia Dock complex, Syama Prasad Mookerjee Port, Kolkata.

Karan Adani, CEO and whole time director of APSEZ, said: "The mechanization and upgradation of Haldia Bulk Terminal provides us the opportunity to firmly establish APSEZ's footprint in Bengal.

With this fully mechanized facility, we aim to set a higher benchmark in port operations and environmental practices. This terminal, alongside our existing world class ports and terminals along the east coast of India, will synergize APSEZ's services and enhance customer experience.

As per the concession agreement signed between SMPK and HBTL, the special purpose vehicle (SPV) formed to implement the project will get the rights to design, build, finance, operate, maintain and manage the bulk terminal with a capacity of 3.74 million tons per annum for a concession period of 30 years at Haldia Dock Complex, Haldia.

The Haldia Dock Complex houses various bulk handling facilities at Haldia under SMPK's purview. Haldia Dock Complex caters to a large hinterland including Bengal, Bihar, Uttar Pradesh, Jharkhand, Assam, Northeastern Hill States and the landlocked neighboring country of Nepal. This terminal will handle the supply chain of raw materials in the steel plants, power plants and cement plants located in the hinterland.

The key USP of this project is the ability to provide bulk cargo handling services, which would be completely mechanized, highly efficient, environment-friendly and pollution-free.

The project will not only add efficient port capacity but will also help to reduce the logistics cost of port users by reducing the turnaround time of vessels calling at Haldia Dock.

As per the signed concession agreement, HBTL will undertake the financial closure for the project within six months and commence the construction of the terminal. The estimated cost of the project is Rs 298 crore. The project has already received the necessary environment clearance.

Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.

The company's consolidated net profit dropped 16.86% to Rs 1,091.56 crore in Q1 FY23 as against Rs 1,312.99 crore recorded in Q1 FY22. Revenue from operations declined 0.71% to Rs 4,637.95 crore in Q1 FY23 from Rs 4,671.19 crore reported in Q1 FY22.

The scrip advanced 0.26% to currently trade at Rs 971.20 on the BSE

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