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Adani Ports to invest Rs 10,000 crore to develop Dighi Port

Adani Portsand Special Economic Zone (APSEZ) on Tuesday said it has completed the acquisition of Dighi Port for Rs 705 crore

Adani Ports | Dighi Port | Ports in India

Press Trust of India  |  New Delhi 

Adani Ports & Special Economic Zone
Adani Ports

Adani Portsand Special Economic Zone (APSEZ) on Tuesday said it has completed the acquisition of for Rs 705 crore and would invest over Rs 10,000 crore in developing it as an alternate gateway to JNPT.

JNPT is India's largest container port and is one of the 12 major ports in the country.

APSEZ completed the acquisition of 100 per cent DPL for Rs 705 crore on February 15, 2021....DPL, the 12thport to join APSEZ's string of economic gateways across the eastern and western coast of India would establish the company's footprint in Maharashtra, the largest contributor to India's GDP, APSEZ said in a statement.

This would enable APSEZ to service customers in Maharashtra whichincludes the highly industrial areas and development in the Mumbai and Pune regions, it said.

APSEZ plans to invest over Rs 10,000 crore to develop the port into a multi-cargo port with world class infrastructure as well as investing in the development of rail & road evacuation infrastructure for seamless and efficient cargo movement," the statement said.

The company will strengthen and repair existing infrastructure and invest in development of facilities for dry, container, and liquid cargo.

DPL will evolve as an alternative gateway to JNPT and will invite and support the development of port-based industries on port land, the statement said.

As per the terms and requirements of the Resolution Plan, the transfer of concession rights has also been approved by the Maharashtra Maritime Board ('MMB') and APSEZ has settled the dues of financial creditors, MMB, and other admitted costs and claims, it 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, Karan Adani, CEO and Whole Time Director of APSEZ said.

He said with the company's growth focus, experience, and expertise in turning around acquisitions it is confident of making DPL value accretive for 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, he added.

APSEZis the largest port developer and operator in India with 12 strategically located ports and terminals representing 24 per cent of the country's total port capacity.

The 12 ports/terminals include, Mundra, Dahej, Tuna and Hazira in Gujarat; Dhamra in Odisha; Mormugao in Goa, among others.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, February 16 2021. 20:41 IST