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Adani buys Dhamra

Port Deal

Calcutta, May 16: Adani Ports has agreed to acquire a 100 per cent stake in Dhamra Port from Tata Steel and L&T Infrastructure Development Projects at an enterprise value of Rs 5,500 crore.

“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,” Adani group chairman Gautam Adani said.

A 50:50 joint venture between L&T Infrastructure and Tata Steel, Dhamra Port (DPCL) was commissioned in May 2011 and has two fully mechanised berths.

Located in the Bhadrak district of Odisha, the port is strategically placed between Haldia and Paradip ports.

In 2013-14, the port registered a 30 per cent growth in cargo-handling at 14.3 million tonnes (mt).

At present, the Adani group owns and operates five ports in Mundra, Dahej, Hazira, Goa and Vizag. It is also developing ports at Kandla and Ennore.

DPCL has received environmental clearance to develop 12 additional berths, which will increase the port’s capacity by 75mt per annum from 25mt.

Adani Ports today said work on the second phase would be initiated within 90 days and was likely to be completed in 30 months.

Stocks surge

The scrips of Ahmedabad based Adani Group companies today surged on a clear mandate given by the voters to the BJP-led NDA.

While stocks of Adani Enterprises were up 6.06 per cent, the scrips of Adani Ports and Special Economic Zone (APSEZ) and Adani Power were up 1.95 per cent and 1.27 per cent, respectively, over the previous day’s close on the Bombay Stock Exchange.

 
 
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