Adani Ports and Special Economic Zone Ltd. (APSEZ) has announced the completion of the acquisition of 100% stake of Dighi Port Limited (DPL) for Rs. 705 Cr on February 15, 2021. DPL, the 12th port to join APSEZ’s string of economic gateways across the eastern and western coast of India would establish the company’s footprint in Maharashtra.
APSEZ stated that this DPL will effectively serve customers in Maharashtra, North Karnataka, West Telangana and Madhya Pradesh and increase its economic hinterland reach to over 90%.
APSEZ plans to invest over INR 10,000 Cr to develop the port into a multi-cargo port with world class infrastructure as well as investing in the development of rail & road evacuation infrastructure for seamless and efficient cargo movement. The company will strengthen and repair existing infrastructure and invest in development of facilities for dry, container, and liquid cargo.
According to APSEZ, the development of DPL will lead to further investments across various industries such as consumer appliances, metals, energy, petrochemicals, and chemicals business in Maharashtra and provide a tremendous fillip to the industrial development and growth in Maharashtra.
As per the terms & requirements of the Resolution Plan, the transfer of concession rights has also been approved by the Maharashtra Maritime Board (‘MMB’) and APSEZ has settled the dues of financial creditors, MMB, and other admitted costs and claims.
Mr. Karan Adani, CEO and Whole Time Director of APSEZ said, “The successful acquisition of DPL adds another milestone in the Adani Port’s target of creating a string of ports to increase service coverage to the entire economic hinterland of India. With our growth focus, experience, and expertise in turning around acquisitions and we are confident of making DPL value accretive for all our stakeholders. Our investment & capacity augmentation plan will be aligned with policies of the Government of Maharashtra for development of ports, associated infrastructure, industrial and socio-economic development in the state”.