Adani Ports acquires Dighi Port; earmarks INR 10,000 Cr to build new gateway into Maharashtra
The 12th port to join APSEZ’s string of ports in India, establishes the company‘s footprint in Maharashtra
• APSEZ will be investing INR 10,000 crores to develop Dighi Port Limited (DPL) into an alternate gateway to JNPT;
• To evolve into multipurpose port with world-class infrastructure and rail & road connectivity;
• With the acquisition of DPL, APSEZ marks its presence in Maharashtra, the largest Indian state in terms of its contribution to the GDP and will support the industrial zones in the Mumbai and Pune region;
• DPL will be at the forefront to develop and support port led industrial development;
• APSEZ will be able to serve customers in Maharashtra, North Karnataka, West Telangana & Madhya Pradesh and increases its economic hinterland reach to over 90%;
• Under the Corporate Insolvency Resolution Plan (‘CIRP’), APSEZ completed the acquisition of DPL for INR 705 crores;
Ahmedabad, February 16, 2021: Adani Ports and Special Economic Zone Ltd. completed the acquisition of 100% stake of Dighi Port Limited (DPL) for INR 705 Cr on February 15, 2021. The company had intimated the commencement of this development to stock exchanges on March 6, 2020.
DPL, the 12th port to join APSEZ’s string of economic gateways across the eastern and western coast of India would establish the company’s footprint in Maharashtra, the largest contributor to India’s GDP. This would enable APSEZ to service customers in Maharashtra which includes the highly industrial areas and development in the Mumbai & Pune regions.
APSEZ plans to invest over INR 10,000 Cr to develop the port into a multi-cargo port with world class infrastructure as well as investing in the development of rail & road evacuation infrastructure for seamless and efficient cargo movement. The company will strengthen and repair existing infrastructure and invest in development of facilities for dry, container, and liquid cargo.
DPL will evolve as an alternative gateway to JNPT and will invite and support the development of port-based industries on port land. The development of DPL will lead to further investments across various industries such as consumer appliances, metals, energy, petrochemicals, and chemicals business in Maharashtra and provide a tremendous fillip to the industrial development and growth in Maharashtra. These investments will contribute to employment generation and socio-economic development of the port's hinterland.
As per the terms & requirements of the Resolution Plan, the transfer of concession rights has also been approved by the Maharashtra Maritime Board (‘MMB’) and APSEZ has settled the dues of financial creditors, MMB, and other admitted costs and claims.
Mr. Karan Adani, CEO and Whole Time Director of APSEZ said, “The successful acquisition of DPL adds another milestone in the Adani Port’s target of creating a string of ports to increase service coverage to the entire economic hinterland of India. With our growth focus, experience, and expertise in turning around acquisitions and we are confident of making DPL value accretive for all our stakeholders. Our investment & capacity augmentation plan will be aligned with policies of the Government of Maharashtra for development of ports, associated infrastructure, industrial and socio-economic development in the state”.
About Adani Ports and Special Economic Zone Ltd.;
Adani Ports and Special Economic Zone, a part of globally diversified Adani Group has evolved from a port company to Ports and Logistics Platform for India. It is the largest port developer and operator in India with 12 strategically located ports and terminals — Mundra, Dahej, Tuna and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai and Krishnapatnam in Andhra Pradesh — represent 24% of the country's total port capacity, handling vast amounts of cargo from both coastal areas and the vast hinterland. The company is also developing a transhipment port at Vizhinjam, Kerala. Our “Ports to Logistics Platform” comprising our port facilities, integrated logistics capabilities, and industrial economic zones, puts us in a unique position to benefit as India stands to benefit from an impending overhaul in global supply chains. Our vision is to be the largest ports and logistics platform in the world in the next decade. With a vision to turn carbon neutral by 2025, APSEZ was the first Indian port and third in the world to sign up for Science Based Targets Initiative (SBTi) committing to emission reduction targets to control global warming at 1.5°C above pre-industrial levels.
For further information on this release, please contact
Adani Group, Corporate Communication
For Investor Relations, please contact:
D. Balasubramanyam Satya Prakash Mishra
Head – IR - Adani Group Senior Manager – IR - APSEZ
Tel: 91-79-25559332 Tel: 91-79-25556016
Within the meaning of applicable securities laws & regulations, statements in this release describing the assets & potential of DPL may be “forward-looking statements”. The actual performance of the company & financial results may differ materially from those directly & indirectly expresses, inferred, & implied in/from the statement. Key factors that could have bearing on the Company’s performance & operations include among others, economic and geo-political conditions affecting demand/supply of the services offered, competition & price conditions in the local markets where it operates, changes due to environmental, Government regulations, laws, statutes, judicial pronouncements and/or other incidental factors.