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APSEZ acquires Dighi Port for Rs 705 crore

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Adani Ports and Special Economic Zone added 2.94% to Rs 655.25 after the company completed the acquisition of 100% stake of Dighi Port (DPL) for Rs 705 crore.

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.

DPL is the 12th port to join APSEZ's string of economic gateways across the eastern and western coast of India and it would establish the company's footprint in Maharashtra. 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.

Karan Adani, CEO and whole time director of APSEZ 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. With our growth focus, experience, and expertise in turning around acquisitions and we are confident of making DPL value accretive for all our stakeholders."

APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India. On a consolidated basis, APSEZ posted a 16.23% increase in net profit to Rs 1576.53 crore on 11.59% rise in total income to Rs 4274.49 crore in Q3 FY21 over Q3 FY20.

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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. 11:01 IST
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