Adani Ports and Special Economic Zone (APSEZ), one of the largest private multi-port operators, on January 26 said it has signed an agreement with the Gujarat government to explore possibilities of development of a dedicated air cargo complex and multi-modal logistics park in the state.

"The company has signed a memorandum of understanding (MOU) with the government of Gujarat for exploring possibilities of development of a dedicated air cargo complex and multi-modal logistics park at VirochanNagar near Sanand, Gujarat," Adani Ports and Special Economic Zone said on Tuesday.

The multi-port operators  said the aforesaid evaluation is subject to various regulatory and legal permissions/ approval and clearances including land acquisition.

"We will announce any such development as and when any concrete decision is reached in such matters after evaluation," the company said.

 Shares of the company declined Rs 5.30, or 1.01%, to trade at  Rs 518.15.  The total volume of shares traded  was 173,898 at the BSE (1:36 p.m,Wednesday).