Mumbai: Adani Ports and Special Economic Zone Ltd (APSEZ), which has completed the acquisition of Dighi Port Ltd (DPL) in Maharashtra for Rs. 705 crores, plan to invest Rs.10,000 crore in its further development.
This would enable APSEZ to service customers in Maharashtra, which includes the highly industrial areas and development in the Mumbai and Pune regions, media reported.
The stock market responded positively to the report. The share price of APSEZ on the BSE hit a 52-week high of Rs.670 in the morning session and traded at R.655 at 3 pm.
The company had intimated the commencement of the port’s acquisition to stock exchanges on March 6, 2020.
DPL, the 12th port to join APSEZ’s string of economic gateways across the eastern and western coasts of India, would establish the company’s footprint in Maharashtra, the largest contributor to India’s GDP.
The company is planning to invest over Rs 10,000 crore to develop the port into a multi-cargo port equipped with world-class infrastructure. It will also develop rail and road evacuation infrastructure for seamless and efficient cargo movement.
The company will strengthen and repair existing infrastructure and invest in the development of facilities for the dry, container, and liquid cargo.
DPL will come up as an alternative gateway to JNPT and will invite and support the development of port-based industries, reports said.
The development of DPL will lead to further investments across various industries such as consumer appliances, metals, energy, petrochemicals, and chemicals business in Maharashtra and boost industrial development and growth in the western state.
The Maharashtra Maritime Board (MMB) had approved the transfer of concession rights to APSEZ which has settled the dues of financial creditors, MMB, and other admitted costs and claims.
(VP)