Adani Ports and Special Economic Zone (APSEZ) has finished the purchase of bankrupt Karaikal Port Private Limited (KPPL), positioned in Puducherry, for Rs 1,485 crore.
APSEZ, in a assertion issued on Monday, April 3, stated the purchase accompanied approval from the National Company Law Tribunal. The NCLT declared APSEZ as a a hit decision applicant beneathneath the company insolvency decision method of KPPL, in line with Economic Times.
Commissioned in 2009, the Karaikal Port turned into evolved withinside the Karaikal district through the Union territory authorities of Puducherry. The strategically positioned port, that is round three hundred km south of Chennai, is the best foremost port among Chennai and Tuticorin in Tamil Nadu. The port has smooth get admission to to the industrial-wealthy hinterland of Central Tamil Nadu. It has a integrated shipment dealing with ability of 21.five million metric tonnes, and commonly handles cement, fertiliser, limestone, steel, and liquids, Business Today reported.
According to the KPPL website, the port is an all-climate deep water port evolved on build, function and switch layout beneathneath a public-non-public partnership in phrases of the concession offered through the Puducherry authorities.
Chief government officer of APSEZ, Karan Adani, in a assertion, stated, “APSEZ will spend a in addition Rs 850 crore over the years to improve infrastructure in an effort to lessen the logistics fee for the customers.”
Calling it “some other milestone” for APSEZ, he stated the present day acquisition positions APSEZ as the biggest delivery utility. With Karaikal Port included, APSEZ now operates 14 ports in India, he added.
The port receives a 14-meter water draft and has a land vicinity of over six hundred acres. Its present infrastructure consists of 5 operational berths, 3 railway sidings, mechanised bulk shipment dealing with machine consisting of mechanised wagon-loading and truck-loading systems, cellular harbour cranes, and a big shipment garage area that consists of open yards, 10 blanketed warehouses, and 4 liquid garage tanks, the Business Today record stated.
