India’s largest port developer Adani Ports and Special Economic Zone (APSEZ) has paid Larsen and Toubro $248.3m to acquire a 97% stake in Marine Infrastructure Developers (MIDPL), the developer and operator of Kattupalli Port near Chennai.
“Adani Ports is committed to make Kattupalli port one of the largest ports in southern India. We are going to start our construction to diversify the cargo of the port and will be adding 40 million tonnes of new capacity in next three years,” said Karan Adani, chief executive officer, APSEZ.
APSEZ plans to transform Kattupalli into a multi-commodity port to handle cargoes such as containers, automobiles, break bulk, general cargo, liquid cargo and project cargo. Presently, the port has two berths with quay length of 710 m, six quay cranes, 15 RTG cranes, and a 1.2m annual container handling capacity.