Adani Ports buy L&TÂ’s Kattupalli port

Adani Ports and Special Economic Zone of the Adani Group has completed acquiring 97 per cent stake of Marine Infrastructure Development, for a consideration of Rs 19.5 billion to take over Kattupalli non-major port at Ennore. The balance 3 per cent will be held by the Tamil Nadu Industrial Development Corporation on behalf of the Tamil Nadu government. APSEZ signed share purchase agreement between Larsen and Toubro, Marine Infrastructure Developer, L&T Shipbuilding and Adani Kattupalli Port to acquire the stake of Marine Infrastructure Developer. The acquisition will help the company develop the container terminal operation.