APSEZ acquires Kattupalli Port from L&T
APSEZ has executed a Share Purchase Agreement between Larsen and Toubro Ltd, Marine Infrastructure Developer Pvt Ltd (MIDPL), L&T Shipbuilding
Ltd and Adani Kattupalli Port Pvt Ltd to acquire 97 per cent shares of MIDPL. MIDPL is the developer and operator of Kattupalli Port.
Karan Adani, CEO, APSEZ said,"we are going to start our construction to diversify the cargo of the port and will be adding 40 MMT of new capacity in next 3 years. We are confident that with our superior infrastructure and efficient handling of cargo, we will be able to reduce logistics cost of industries in the region and be one of the engines of growth."
With back-up area of 322 acres, Kattupalli Port provides ample space for future expansion to facilitate trade requirements. APSEZ plans to transform Kattupalli into a multi-commodity port to handle cargoes like containers, automobiles, breakbulk, general cargo, liquid cargo and project cargo. Presently, the port has two berths with quay length of 710 m, 6 quay cranes, 15 RTG cranes and 5,120 ground slots with the capacity to handle 1.2 million teus per annum.