Adani Ports set to take over Kattupalli port

India's largest port company Adani Ports and Special Economic Zone Ltd (APSEZ) is set to sign an agreement with Larsen and Toubro (L&T) to take over operation and management (O&M) of the Kattupalli port at Ennore in Tamil Nadu. L&T holds 97 percent stake in Kattupalli International Container Terminal, a port-cum naval shipyard complex developed jointly with state government entity TIDCO, which holds the remaining stake. However, L&T will continue to run the shipyard, which will not be part of the O&M deal. Kattupalli can handle 1.2 million twenty-foot equivalent units (TEUs) a year. In an interview, L&T's group executive chairman AM Naik said that the company will 'hopefully finalise the deal in some time'. He added that the L&T wants to cut out assets, such as those in the port sector, that are not its specialty.