Indian port operator and logistics company Adani Ports and Special Economic Zone Ltd (APSEZ) said the transaction with TiL for the stake in the Ennore terminal was worth an estimated at $29.7 million.
The second TiL and Adania joint venture builds on the success of the second 2013 cooperation for Adani International Container Terminal Pvt Ltd (AICTPL), which operates CT3 Container Terminal at Mundra Port, the largest private commercial port in India.
“APSEZ enjoys a strong partnership with TiL and MSC, built on mutual trust and transparency, as reflected in our growing alliance. 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 AICTPL terminal’s success at the Ennore Container Terminal and service the trade needs of the South Indian market,” Karan Adani, CEO and Director of APSEZ, said.
Located on India’s east coast, AECTPL has a quay length of 400 metres and annual handling capacity of 800,000 teu. The terminal handled 550,000 teu in FY23 and 450,000 teu 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 extended to 1.4 million teu.
“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,” commented Ammar Kanaan, CEO of Terminal Investment Ltd.
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