Adani Group, which is a conglomerate, intends to invest $3 billion in boosting its global port operations and will concentrate on three major ports along the India-Europe corridor, as per the reports by Mint.
The reports further suggested that Adani Ports and Special Economic Zone Ltd (APSEZ), a group company, wants to cash in on rising demand for imports of iron ore and coal as well as the export of finished goods.
The company has set an ambitious goal of 800 million metric tons (MMT) of overall port handling capacity by 2026. In FY24 APSEZ handled cargo of 420 MMT globally with domestic ports contributing over 408 MMT cargo.
According to the report, Adani Group plans to acquire at least three large ports across coastal Europe, Africa, and Southeast Asia as part of its strategy. The group is raising $3 billion capex through blend of cash, internal accruals and debt.
Adani Ports is the leading commercial ports operator in India controlling almost one-quarter of all cargo movement in the country. Its presence spans across thirteen domestic ports situated within seven maritime states including Gujarat, Maharashtra Goa Kerala Andhra Pradesh Tamil Nadu Odisha.
The company registered a revenue growth of 28% year-on-year reaching Rs. 26,711 crore ($3.21 billion) in FY24. The figures are being supported by the revenues rising by 30% in ports business and 19% in logistics business. The net profit rose by 50% reaching Rs. 8,104 crore ($970 million).
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