Terminal Investment Limited (TIL), the ports arm of leading liner Mediterranean Shipping Co (MSC), is buying a 49% stake in the Adani Ennore Container Terminal from Adani Ports and Special Economic Zone (APSEZ).
Located on India’s east coast Ennore terminal has a capacity of 800,000 teu with potential to expand to 1.4m teu annually.
The transaction, involving TIL’s subsidiary Mundi, is worth about $30m and expected to close in the first quarter of 2024. Adani will maintain its 51% ownership stake. The concession for the terminal runs until 2044.
This will be the second cooperation between MSC and India’s top private ports and logistics firm. In 2013, the duo jointly invested in the CT3 Container Terminal at Mundra Port, the largest private commercial port in India.
Ammar Kanaan, chief executive of TIL, said: “This association will enable us to further improve TiL’s presence in one of the world’s fastest growing economies and strengthen our offering to customers in the Indian subcontinent.”
