CMA CGM in for Adani Logistics

Mumbai: In what could be the biggest joint venture in the country's ports sector, French shipping major CMA CGM is set to pick up a 26% stake in a subsidiary of Ahmedabad-based Rs 18,000-crore Adani group, reports the Economic Times. CMA CGM, which is the world's third-largest container shipping company, is close to picking up 26% equity in Adani Logistics, a 100% subsidiary of Mundra Port & SEZ.

While the company refused to comment on the development, industry sources say the agreement may be signed in a couple of months. Adani Logistics is into container handling and has a Category 1 licence for running container trains across the country.

Once the deal comes through, the French shipping major will benefit from the group's second container terminal which is coming up in Mundra. Already, Mundra International Container Terminal (MICT) is being managed by DP World under a sub-concession agreement.

The Adani group has built an inland railway container terminal at Mundra SEZ, which is 64-km long and is one of the largest in the private sector. Company sources say the container terminal will be operational by October this year.  [15/08/07]