16 Agustus 2014

[160814.EN.SEA] CMA CGM to Build India's Biggest Box Port at Mundra With Adani Port

ADANI Port and SEZ Ltd (APSEZL) has a 50:50 deal with CMA CGM to build a 1.4 million TEU capacity container terminal at Mundra, that would make it the biggest box port in India with an overall 5.5 million TEU annual capacity.

APSEZ, India's biggest multi-port operator, revealed this development as it posted a 36 per cent increase in first quarter net profit year on year to INR14.3 billion (US$256.4 million), reported Chennai's Hindu daily.

APSEZL consolidated cargo for the first quarter of fiscal 2015 increased 27 per cent to 33.83 million tonnes. Mundra handled 28.86 million tonnes, up 22 per cent.

During the period, APSEZL completed the acquisition of Dhamra Port at an enterprise value of INR55 billion. For this, clearances are in place and the awarding work is in an advanced stage, said the Hindu.

Mundra Port handled 681,000 TEU, up 43 per cent - compared to the four per cent average growth at all India's major ports.

Dhamra Port handled 4.2 million tonnes of cargo, up 36 per cent. Also Dahej Port's volumes were up 28 per cent to 2.85 million tonnes and Hazira Port's throughput increased 85 per cent to 1.6 million tonnes year on year.

Adani Group chairman Gautam Adani said the acquisition of Dhamra Port and the joint venture with CMA CGM would further augment the company's organic growth rates.

Source : HKSG.

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