Adani Ports in pact with French company for container terminal

Posted By: Super
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Adani Ports in pact with French company for container terminal
    Adani Ports & SEZ Ltd today signed a pact with France's CMA CGM Group to develop a container terminal at Mundra Port that entails an estimated investment of Rs 2,100 crore.

    "This will be the 4th container terminal in Mundra capable of handling 1.3 million TEUs (twenty-foot equivalent unit) annually," Adani Ports & SEZ today said in a statement.

    According to sources, total investment for setting up this terminal is estimated to be Rs 2,100 crore in 50:50 joint venture partnership.

    The construction phase will be initiated immediately and completion will be in 24 months, the statement said.

    The project comprises design and construction of a 650-metre terminal along with 27 hectares of back area with a water depth of 16.5 metres.

    This terminal will initially have four units of 65 tonne capacity of handling 18,000 TEU vessels and Ultra Large Container Vessels.

    "We are very pleased with this joint venture partnership that will help put our continued expansion at the Mundra port on an even steeper trajectory," said Gautam Adani, chairman of the Adani Group.

    It will allow Adani Ports to fulfil its stated vision of handling 200 million metric tonnes of cargo well before the year 2020, the statement added.

    For CMA CGM, Mundra Container Terminal is the group's first port investment in India. "With this investment, CMA CGM and Adani Ports will develop infrastructure that will play a key role for the development of the country's industry. CMA CGM has strong ambitions in India," Farid T Salem, executive officer of CMA CGM Group said.

    As per the agreement, the transaction is subject to approvals from the regulators as maybe required including the Competition Commission of India and ministry of commerce and industries.

    PTI

    Story first published: Saturday, July 5, 2014, 10:07 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more