- ALSO READ
The Adani Group will develop a port in India’s West Bengal state at a planned investment of more than $3 billion, as the port-to-power conglomerate continues to bolster its grip over the local infrastructure and logistics sectors.
Adani Ports & Special Economic Zone Ltd., controlled by world’s second-richest man Gautam Adani, was selected on Monday to develop the Tajpur deep sea port, according to a statement from the state government. The greenfield project will entail a total investment of Rs 25,000 crore ($3.1 billion), of which Rs 15,000 crore will go toward port development and the rest toward building related infrastructure, it said.
The latest win adds more muscle to India’s largest private sector port operator, which already has a 30% domestic market share and has been securing global contracts, including the Haifa port project in Israel and a port terminal in Sri Lanka. It also underscores the hunger for growth in the Adani conglomerate that has been scaling up existing businesses and rapidly entering new ones like cement, airports, media and data centers.
The state government, according to the statement, expects to create 25,000 direct jobs and over 100,000 indirect jobs through this port, which is about 105 miles from the state capital of Kolkata.
A wholly-owned subsidiary of Adani Ports signed a pact last week for the modernization of a berth at the Haldia port in West Bengal.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
First Published: Wed, September 21 2022. 17:46 IST