Journalism of Courage
Gautam Adani-promoted Adani Ports and Special Economic Zone is set to acquire 100 per cent in Orissa’s Dhamra Port for a consideration of Rs 5,500 crore.
Adani Ports and Special Economic Zone (APSEZ) has executed a definitive agreement with L&T Infrastructure Development Projects Limited and Tata Steel Limited to acquire 100 per cent stake in Dhamra Port Company Limited (DPCL), as per a company release. DPCL was a 50:50 joint venture between L&T and Tata Steel.
“The Dhamra port acquisition now gives us an opportunity to replicate the development and phenomenal growth of the Mundra Port on the eastern coast of India, and thereby continue to execute our pan-India strategy,” said Gautam Adani, chairman of Adani Group that owns and operates five ports in India – Mundra, Dahej, Hazira, Goa and Visakhapatnam.
“Nation-building for us is ensuring we open up coastal entry and exit points that accelerate industrial developments over the vast hinterlands. The Dhamra port precisely helps us execute in this direction,” he added.
The Dhamra port is a deep draft, all-weather multi-user port that commenced operations in May 2011 and handled a total cargo of 14.3 million tonnes in FY14.
The port has two fully mechanised existing berths, 63 kilometres of private rail line, connecting the Bhadrak station to the main trunk line, and has already achieved environmental clearance for development of 12 additional berths. “Following the acquisition, the second phase of its development will be initiated within 90 days and completion targeted in 30 months,” the company added.
