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December 15, 2023 10:56 am | Updated 12:21 pm IST
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File picture of the Adani Ennore Container Terminal | Photo Credit: Special arrangement
Adani Ports and Special Economic Zone Ltd (APSEZ), said it had entered into a second agreement with Terminal Investment Ltd (TiL), the container terminal operating and investing arm of container shipping line MSC, for the operation of Adani Ennore Container Terminal Pvt Ltd (AECTPL).
As per the agreement, TiL through its fully owned subsidiary Mundi Ltd, will acquire a 49% shareholding of AECTPL from APSEZ for ₹247 crore.
“The total enterprise value of AECTPL is ₹1,211 crore. The transaction is subject to regulatory approvals. After the completion of the transaction, APSEZ would hold 51% stake in AECTPL,” APSEZ said in a filing with stock exchanges.
Also read: Adani port operations to be carbon-neutral by 2025: Gautam Adani
Located on India’s east coast, AECTPL has a quay length of 400 meters and an annual handling capacity of 0.8 Mn TEUs. The terminal handled 0.55 Mn TEUs in FY23 and 0.45 Mn TEUs in the initial eight months of the current fiscal year.
The concession period of the terminal is until 2044, and its annual capacity can be extended to 1.4 Mn TEUs, it said.
This second agreement builds on the success of the 2013 joint venture with TiL for Adani International Container Terminal Pvt Ltd (AICTPL), which operates CT3 Container Terminal at Mundra Port, the company said in a filing with stock exchanges.
“We aim to replicate the AICTPL terminal’s success at the Ennore Container Terminal and service the trade needs of the South Indian market,” said Mr Karan Adani, CEO and Whole Time Director of APSEZ.
“This strengthening of our association with the world’s largest shipping company reflects APSEZ’s robust vision of accelerating sectoral growth through a transparent business approach,” he added.
“We are highly pleased to strengthen our partnership with APSEZ, India’s largest private sector port operator,” said Ammar Kanaan, CEO, TiL.
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