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Adani Ports plans investment of Rs 10,000 cr to develop Dighi Port

Capital Market 

Adani Ports & Special Economic Zone completed the acquisition of 100% stake of Dighi Port (DPL) for Rs 705 crore on 15 February 2021.

DPL, the 12th port 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. This would enable APSEZ to service customers in Maharashtra which includes the highly industrial areas and development in the Mumbai & Pune regions.

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 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 development of DPL will lead to further investments across various industries such as consumer appliances, metals, energy, petrochemicals, and chemicals business in Maharashtra and provide a tremendous fillip to the industrial development and growth in Maharashtra. These investments will contribute to employment generation and socio-economic development of the port's hinterland.

As per the terms & 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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, February 17 2021. 10:14 IST
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