Adani Group, which operates Adani Ports in Gujarat, plans to strengthen its presence in the port sector by lining up greenfield projects and also by acquiring some port companies.
As part of this strategy, the group is constructing ports in Hazira, coal berths in Mormugao and Vizag and a dry bulk terminal in Kandla.
Further, Adani Ports is in the process of acquiring the stake of Larsen and Toubro (L&T) in the Dhamra Port Company (DPCL). DPCL is equally held by L&T and Tata Steel.
By the end of the current financial year, Adani Ports expects to complete acquisition of the stake. Gautam Adani, Chairman of Adani Group has reportedly discussed this with AM Naik, Chairman of L&T and the Tata GroupÂ’s new Chairman Cyrus Mistry.
With this new acquisition, the Adani Ports would have its presence in the eastern coast of country. The Dhamra Port project in OdishaÂ’s Bhadrak district had cost about Rs 3,600 crore. The port has reported a total income of INR 198 crore for the current financial year with a net loss of Rs 458 crore.
The port completed its first anniversary in December 2012. The port has been developed under the build-own-operate-share and transfer model with a concession from the Odisha government for 34 years. It commenced operations in May 2011.
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