Adani inks MoU with L&T to acquire Kattupalli Port
Adani Ports and Special Economic Zone (APSEZ) through its subsidiary Adani Kattupalli Port Private Limited (AKPPL), on Monday, entered into an agreement with L&T Shipbuilding (L&T) to acquire the latter’s Kattupalli Port in Tamil Nadu. The strategically-located port has the potential to become the biggest trans-shipment hub in the region. The two operators are waiting for the necessary approval from the government of Tamil Nadu as well as the central government for completing the acquisition process. “The Kattupalli agreement is yet another step by us to continue to enable the development of the port infrastructure that is critical for our country. The Kattupalli port is a strategic complement to our Ennore Container terminal which is getting commissioned next year,” said Gautam Adani, Chairman, Adani group. He said the two facilities will substantially help reduce congestion in the region and help contribute to the rapid growth of Tamil Nadu and the surrounding regions. Kattupalli is an all-weather port with an international container terminal located 35 kms from Chennai, and well-connected to the hinterland. Currently, the port has a cargo handling capacity of 1.2 million TEUs per annum. There is an environmental approval for further expansion.
November 09, 2015 | 4:19pm IST.
to success.