Expecting tremendous potential for the port sector, Adani Group plans to spend around $1 billion to acquire a private sea port on the country's eastern coast before March 31.
Gautam Adani, Chairman of the firm said this in an interview. Adani Group, which runs one of India's largest ports, at Mundra in western India, is also developing ports in Dahej, Hazira, Goa and Visakhapatnam.
The group is also in the race for developing a container terminal at Chennai Port, a project which if it wins would involve an investment of around $1 billion.
The group is a major player in the power and ports sectors, and owns coal mines in Australia and Indonesia.
The company expects to invest $4.5 billion in the first phase of developing the Carmichael coal mine in Queensland, Australia. It plans to begin investing at Carmichael by July or August, and aims to start coal shipments from there by December, 2015.
Adani said the group plans to invest $1.1 billion by 2015-16 to expand the port terminal's capacity and another $1.25 billion to $2.5 billion in building a rail line between the mine and the port.