Adani to invest Rs 10K cr to develop Dighi Port

Adani Ports and Special Economic Zone (APSEZ) on Tuesday said it has completed the acquisition of Dighi Port for Rs 705 crore and would invest over Rs 10,000 crore in developing it as an alternate gateway to JNPT.

JNPT is India's largest container port and is one of the 12 major ports in the country.

"APSEZ completed the acquisition of 100% DPL for Rs 705 crore 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, the largest contributor to India's GDP," APSEZ said.

This would enable APSEZ to service customers in Maharashtra which includes the highly industrial areas and development in the Mumbai and Pune regions, it said.

"APSEZ plans to invest over Rs 10,000 crore 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," it said.

It will strengthen and repair existing infrastructure and invest in development of facilities for dry, container, and liquid cargo.

"DPL will evolve as an alter native gateway to JNPT and will invite and support the development of port-based industries on port land," it said.

As per the terms and 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, it said.

APSEZ is the largest port developer and operator in India with 12 strategically located ports and terminals representing 24% of the country's total port capacity.