The Adani Ports and Special Economic Zone (APSEZ) on Friday said it made an agreement with the l and T Infrastructure Development Projects limited and the Tata Steel limited to acquire 100 per cent stake in the Dhamra Port Company limited (DPCl) at an enterprise value of Rs 5,500 crore.
The multi-user Dhamra port, which commenced operations in May 2011, has handled a total cargo of 14.3 million tonnes in 2014. The port has two fully mechanized existing berths and 63-km-long private rail line connecting the Bhadrak railway station to the main trunk line. The port has already received environmental clearance for the development of 12 additional berths, a release informed.
“The Dhamra port acquisition now gives us an opportunity to replicate the development and phenomenal growth of the Mundra port on the eastern coast of India and thereby continue to execute on our pan India strategy” said Adani Group Chairman Gautam Adani.
Adani further said the Dhamra port would help the group to achieve its goal of opening up coastal entry and exit points that accelerate industrial development over vast hinterlands in the eastern region.
Following the acquisition, the 2nd phase of development will be initiated within 90 days and completion targeted in 30 months. This continued expansion will allow the Dhamra Port exceed 100 million tonnes of cargo capacity by the year 2020 and therefore allow Adani Ports to fulfill its stated vision of becoming a 200 million metric tons ports business well before the year 2020, the release said.