Group plans ₹10,000 crore investment
Adani Ports and Special Economic Zone Ltd. today completed the acquisition of 100% stake of Dighi Port Limited (DPL) for ₹705 crore in Mahrashtra and also made a commitment to invest ₹10,000 crore to develop it into an alternative gateway to Jawaharlal Nehru Port Trust in Mumbai.
With this, Dighi Port becomes 12th port asset to join Adani group’s growing list of ports in the country. Located in Raigad district, the port is on the banks of the Rajpuri Creek on the west coast of India. The port is located at a distance of 42 nautical miles from Mumbai Port and 170 km south of Mumbai by road.
The Adani group said in a statement stated that it plans to invest more than ₹10,000 crore to develop the port into a multi-cargo port with ‘world-class’ infrastructure as well as to invest in the development of rail and road evacuation infrastructure for seamless and efficient cargo movement.
Led by billionaire Gautam Adani, the group will make investments in strengthening and repairing existing infrastructure and in developing facilities for dry, container, and liquid cargo.
The acquisition of Dighi Port in the expanding bouquet of the Adani group came through the National Company Law Tribunal, which had approved the resolution plan in March last year.
As per the terms and requirements of the Resolution Plan approved by the NCLT, the transfer of concession rights has also been approved by the State port regulator Maharashtra Maritime Board (MMB) and APSEZ has settled the dues of financial creditors, MMB, and other admitted costs and claims amounting to ₹705 crore.
The Dighi Port was originally developed by Mumbai-based industrialist Vijay Kalantri and was taken to the NCLT by the banks after it became a stressed asset.
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