Adani Ports acquires Karaikal Port in Chennai for Rs 1,485cr
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Adani Ports and Special Economic Zone Ltd (APSEZ) yesterday announced it has completed the acquisition of a private deep-water port in Puducherry, a federally-ruled territory 300km south of Chennai, for Rs 1,485 crores.
The APSEZ was declared a successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of Karaikal Port Pvt Ltd, reports our New Delhi correspondent.
Karaikal Port is an all-weather deep-water port in Puducherry with five operational berths, three railway sidings, total land area of over 600 hectares,and a built-in cargo handling capacity of 21.5 million metric tonnes (MMT).
According to a statement by APSEZ, the port is in proximity to the containerized cargo-originating industrial centres of southern Indian state of Tamil Nadu and an refinery.
APSEZ CEO and whole-time director Karan Adani said, “With the acquisition of Karaikal port, APSEZ now operates 14 ports in India.
APSEZ will spend further Rs 850 crores over time to upgrade the infrastructure in order to reduce the logistics cost for customers.
“We are envisaging to double the capacity of the port in the next five years and also add a container terminal to make it a multipurpose port,” Karan added.
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