Adani Group is planning to invest Rs 249730000000 to bolster the port operations. The company reportedly has keen eye on the corridor that connects India to Europe.
Gautam Adani is currently the second richest man in India with a massive net worth of Rs 712412 crore. Leading the Adani Group, Gautam Adani is involved in a wide range of businesses. One of the core businesses under the Adani Group is Adani Ports. In a massive achievement for the business, Adani Ports & Special Economic Zone’s market value has touched almost Rs 308668 crore. This means it is now the world’s largest transport operations and services provider, overtaking Beijing-Shanghai High Speed Railway.
The achievement comes as the company witnessed increasing cargo volumes and inclusion in India’s S&P BSE Sensex Index. As per a previous report by the Mint, Adani Group is planning to invest Rs 249730000000 to bolster the port operations. The company reportedly has keen eye on the corridor that connects India to Europe.
The Rs 24973 crore investment is expected to be funded through a combination of debt, internal accruals and cash reserves. According to the report, the Adani Group is targeting at least three large ports across coastal Europe, Africa, and Southeast Asia.
With the investment, Gautam Adani-led conglomerate aims to increase the overall port handling capacity from 600 million tonnes per annum to 800 million tonnes in the next two years. Currently, Adani Group operates port facilities in Israel, Sri Lanka, Indonesia, Tanzania, and Australia.
Recently, Adani Ports & Special Economic Zone acquired 95% stake in Gopalpur Ports Ltd from its existing shareholders for an equity value of Rs 1349 crore. Subject to closing adjustments, the transaction implies an enterprise value of Rs 3080 crore.
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