February 23, 2024

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India’s Adani Ports completes acquisition of Karaikkal Port

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“Adani Ports will spend additional Rs8.50 billion over time to improve infrastructure in an effort to scale back the logistics price for the purchasers,” Karan Adani, Adani Ports CEO, stated. “We’re envisaging to double the capability of the port within the subsequent 5 years and in addition add container terminal to make it a multipurpose port.”

Adani stated the acquisition is one other milestone in consolidating the port operator’s place as India’s largest transport utility, with the corporate now working 14 ports in India.

Within the monetary yr 2022-23, Karaikal Port dealt with 10 million tons of cargo. It’s an all-weather deep-water port on India’s japanese coast commissioned in 2009, round 300 kilometers (186 miles) south of India’s Chennai state, in response to the assertion.

The completion of the Karaikal Port acquisition comes as Adani Group triess to revive investor confidence following a scathing brief vendor report in January. US-based Hindenburg Analysis’s allegations of in depth, years-long company fraud on the Adani Group have worn out greater than $100 billion in market worth for the corporate since January.

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