MSC buys 49% stake in Adani Ennore Container Terminal for Rs 247cr
Adani Ennore Container Terminal has an annual capacity of 0.8 million TEUs, which can be increased to 1.4 million TEUs
Adani Ports and Special Economic Zone (APSEZ) has entered into a second partnership with Terminal Investment (TiL), the container terminal operating and investing arm of MSC, the largest container shipping line in the world, for the operation of Adani Ennore Container Terminal.
The joint venture builds on the success of the 2013 venture with TiL for Adani International Container Terminal, which operates the CT3 container terminal at Mundra Port, the largest private commercial port in India, says an official release.
“APSEZ enjoys a strong partnership with TiL and MSC, built on mutual trust and transparency as reflected in our growing alliance," says Karan Adani, CEO and Whole Time Director, APSEZ. "With this second joint venture, we are now further deepening this strategic partnership in one of the fastest growing container terminal markets in the south. We aim to replicate the Adani International Container Terminal’s success at the Ennore Container Terminal and service the trade needs of the South Indian market. This strengthening of our association with the world’s largest shipping company reflects APSEZ’s robust vision of accelerating sectoral growth through a transparent business approach.”
Ammar Kanaan, CEO, Terminal Investment adds: “We are highly pleased to strengthen our partnership with APSEZ, India’s largest private sector port operator. This association will enable us to further improve TiL’s presence in one of the world’s fastest growing economies and strengthen our offering to customers in the Indian subcontinent.”
Terminal Investment, through its fully-owned subsidiary Mundi, will acquire a 49 percent shareholding of Adani Ennore Container Terminal from APSEZ for Rs 247 crore. The total enterprise value of Adani Ennore Container Terminal is Rs 1,211 crore, the release added.
Located on India’s east coast, Adani Ennore Container Terminal has a quay length of 400 metres and an annual handling capacity of 0.8 million TEUs. The terminal handled 0.55 million TEUs in FY23 and 0.45 million TEUs in the first eight months of the current fiscal year. The concession period of the terminal is until 2044, and its annual capacity can be increased to 1.4 million TEUs, the release added.
