November 10, 2015 2:08:03 am
Adani Ports and Special Economic Zone (APSEZ) announced Monday that it will acquire Kattupalli port in Tamil Nadu from L&T Shipbuilding Limited, a subsidiary of Larsen & Toubro Ltd. Although the firm did not disclose the financial details of the deal, PTI reported that the deal may cost APSEZ somewhere around Rs 25,00 crore.
APSEZ through its subsidiary Adani Kattupalli Port Pvt Ltd has entered into an “in-principle agreement” for this acquisition, the company stated in an official release issued here.
While necessary approvals from the Government of Tamil Nadu and the Central government are awaited, APSEZ has already entered into an arrangement to take over the operations of this deep water port located 35 km from Chennai, it added.
The port started operations in January 2013 and has two berths with a total quay length of about 710 meters. These berths can handle container, dry bulk and break-bulk cargo.
“The Kattupalli port is a strategic complement to our Ennore Container terminal which is getting commissioned next year. Both these ports will substantially help reduce congestion in the region and will thereby help contribute to the rapid growth of Tamil Nadu and surrounding regions,” stated Gautam Adani, chairman of Adani Group. with PTI
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