Adani Ports completes acquisition of ₹1,485-cr Karaikal Port

Adani Ports and Special Economic Zone (APSEZ) has announced the completion of its acquisition of Karaikal Port at an investment of ₹1,485 crore. The acquisition was made with the aim of upgrading the infrastructure to reduce logistics costs for customers. Karaikal Port, located on India's eastern coast, is an all-weather deep-water port.

The National Company Law Tribunal (NCLT) had approved the resolution plan of the Adani Group, paving the way for the acquisition. CEO of Adani Ports, Karan Adani, stated that the company plans to double the port's capacity in the next five years and add a container terminal to make it a multipurpose port.

Adani described the acquisition of Karaikal Port as a significant milestone in consolidating APSEZ's position as India's top transport utility. The Adani subsidiary currently operates 14 ports in the country. Karaikal Port, which handled 10 million tons of cargo in the financial year 2022-23, was commissioned in 2009 and is located about 300 km on the southern fringes of Chennai.

With the completion of this acquisition, APSEZ is expected to further strengthen its position in the Indian port sector, offering a wider range of services to its customers. The investment of ₹850 crore towards upgrading infrastructure will not only enhance the port's capacity but also facilitate the growth of the region's economy.