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19 April, 2021 02:15 IST
Adani Ports to pump in Rs 100 bn to build new gateway into Maharashtra
Source: IRIS | 17 Feb, 2021, 02.23PM
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 Adani Ports and Special Economic Zone, one of the largest private multi-port operators, completed the acquisition of 100% stake of Dighi Port (DPL) for Rs 7,050 million on Feb. 15, 2021. The company had intimated the commencement of this development to stock exchanges on Mar.6, 2020.

DPL, the 12th port to join APSEZ's string of economic gateways across the eastern and western coast of India would establish the company’s footprint in Maharashtra, the largest contributor to India’s GDP. 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 100 billion 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. The development of DPL will lead to further investments across various industries such as consumer appliances, metals, energy, petrochemicals, and chemicals business in Maharashtra and provide a tremendous fillip to the industrial development and growth in Maharashtra. These investments will contribute to employment generation and socio-economic development of the port's hinterland.

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.

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. Our investment & capacity augmentation plan will be aligned with policies of the Government of Maharashtra for development of ports, associated infrastructure, industrial and socio-economic development in the state."

 Shares of the company gained Rs 19.75, or 3.1%, to trade at  Rs 656.30.  The total volume of shares traded  was  837,733 at the BSE (1.03 p.m., Wednesday).



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