Adani Ports and Special Economic Zone, (APSEZ), India's largest port developer and part of the Adani Group, announced that it has executed Share Purchase Agreement between Larsen and Toubro (L&T), Marine Infrastructure Developer, L&T Shipbuilding and Adani Kattupalli Port Private to acquire 97% shares of Marine Infrastructure Developer Private (MIDPL). MIDPL is the developer and operator of Kattupalli Port.

Kattupalli Port is one of the most modern ports in India emerging as Chennai's New Gateway for EXIM trade in Chennai/Bangalore region and provides a whole new dimension of services with speed and sophistication. Amongst the many advantages of Kattupalli port is its unique location-it is located 30 kilometers towards north of Chennai and has connectivity with hinterland of North Tamilnadu, Chennai, Bangalore region and South Andhra Pradesh-locations which are highly industrialized.

Karan Adani, CEO, Adani Ports and Special Economic Zone, said, ''We are happy to announce the acquisition of Kattupalli port. We are thankful to the Tamil Nadu government and Ministry of Commerce for giving approvals in record time. Adani Ports is committed to make Kattupalli port one of the largest ports in southern India. We are going to start our construction to diversify the cargo of the port and will be adding 40 MMT of new capacity in next 3 years. We are confident that with our superior infrastructure and efficient handling of cargo we will be able to reduce logistics cost of industries in the region and be one of the engines of growth.'' 

Shares of the company declined Rs 1.95, or 0.54%, to trade at Rs 360.10. The total volume of shares traded was 37,778 at the BSE (10.06 a.m., Friday).