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18 October, 2019 04:40 IST
Adani Ports form JV with France's CMA CGM
Source: IRIS | 26 Apr, 2017, 11.28AM
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Adani Ports and Special Economic Zone (APSEZ), India's leading port infrastructure developer and part of the Adani Group, today achieved a new milestone in the ports infrastructure industry in India, with a strategic collaboration with CMA Terminals (CMAT), part of the France based CMA CGM group, owner of one of the world's leading Container Carriers and port operators.

Pursuant to a Joint Venture agreement signed in July 2014 between APSEZ and CMAT, today marked a watershed moment, when these two conglomerates operationalised the new container terminal named Adani CMA Mundra Terminal Private (ACMTPL).

The establishment of this brand new state-of-the-art container terminal offers India's trade with another world class facility on the West coast of India, strategically located in closer proximity to the vast North and Central Indian hinterlands. The relatively advantageous location has made Mundra port ideally poised to position itself as the major gateway port for the India's western coast.

This new container terminal, which is now operational has been commissioned three months ahead of schedule, will serve to showcase the strengthening national ties between Indian and French economies and is a great initiative between a leading India conglomerate and global shipping and ports company.

Karan Adani, CEO, APSEZ, stated that ''This is a notable milestone for us, as with the commissioning of this terminal, Mundra port will become India's largest container-handling port. This strategic  partnership with CMA CGM in the Container Terminals business brings significant value to Mundra port. By virtue of their position of the world’s third largest container shipping line, CMA CGM is a valuable customer for Mundra port; and with this strategic partnership, they will become a valuable partner, leaving them ideally poised to participate in the ever increasing share of global EXIM trade handled through the port of Mundra.''

''With this new development, Mundra port is perfectly primed to set the bar even higher on the crucial parameters of efficiency, productivity and faster turnaround times for larger vessels, which will directly translate into competitive advantages for our customers. Mundra port continues to be conscious of its environmental responsibilities and has installed world class equipment, which vastly reduces air and noise pollution. With this partnership, APSEZ has further consolidated its position as the port of choice for major shipping lines and firmly established itself as a key player in the regional container market,'' he added.

Shares of the company gained Rs 0.3, or 0.09%, to trade at Rs 331.85. The total volume of shares traded was 100,516 at the BSE (11.18 a.m., Wednesday).

Adani Ports and Special Economic Zone Limited   (Q,N,C,F)*

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