Adani Ports and SEZ (APSEZ) announced last week that it has acquired the distressed Karaikal port in Puducherry for ₹1,485 crore, strengthening its position in the East coast in the process. It increased Adani’s portfolio to 14 ports across India. The Chennai Bench of the National Company Law Tribunal has approved this acquisition on April 3.
In the last three years, APSEZ has acquired Krishnapatnam and Gangavaram ports in Andhra Pradesh in East Coast. It also runs ports/terminals at Dhamra, Kattupalli, Ennore and Visakhapatnam.
Karaikal port is a pricey catch for Adani in many ways, including the location; infrastructure and land base. It is the only major port between Chennai and Tuticorin, and its strategic location allows the port easy access to the industry-rich hinterland of Central Tamil Nadu.
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