File photograph of Karaikal Port. Photo: Special Arrangement
The National Company Law Tribunal has authorized the acquisition of Karaikal Port (KPPL) by the Adani Ports and Special Economic Zone (APSEZ), the most important transport utility in India, the Adani Group agency mentioned on April 3.
Earlier, APSEZ was declared because the profitable decision applicant underneath the Corporate Insolvency Resolution Process (CIRP) of KPPL. The quantity thought-about for the acquisition is ₹1,485 crore. According to the assertion, Karaikal Port is an all-weather deep-water port on India’s jap coast that was developed on the construct, function and switch format underneath the public-private partnership by the federal government of Puducherry.
The Karaikal Port was commissioned in 2009, and was developed within the Karaikal district of the Union Territory of Puducherry, round 300 KMS south of Chennai. It is the one main port between Chennai & Tuticorin, and its strategic location permits the port easy accessibility to industrial-rich hinterland of Central Tamil Nadu, in accordance with the assertion.
The port will get a 14-meter water draft and has a land space of over 600 acres, in accordance with the assertion from APSEZ. Its current infrastructure contains 5 operational berths, three railway sidings, mechanised bulk cargo dealing with system together with mechanized wagon-loading and truck-loading methods, two cellular harbour cranes and a big cargo space for storing that features open yards, 10 coated warehouses and 4 liquid storage tanks. With a built-in cargo dealing with capability of 21.5 MMT, the port primarily handles, cement, fertilizer, limestone, metal and liquids, APSEZ mentioned.
The upcoming CPCL’s 9 MMTPA new refinery at Nagapattinam in Tamil Nadu presents a chance for Karaikal Port to deal with a further massive quantity of liquid cargo. Karan Adani, Chief Executive Officer and Whole-time Director, APSEZ, mentioned, “The acquisition of Karaikal Port is another milestone in consolidating our position as India’s largest transport utility. With acquisition of Karaikal port APSEZ now operates 14 ports in India.”
Karan Adani added, “APSEZ will spend further Rs 850 crore over time to upgrade infrastructure in order to reduce the logistics cost for the customers. We are envisaging to double the capacity of the port in the next 5 years and also add container terminal to make it a multipurpose port.”
In FY23, Karaikal Port dealt with 10 million tonne of cargo, in accordance with the assertion.
