Home Energy News Port & Dam News Adani Ports to acquire L&T’s Kattupalli Port

    Adani Ports to acquire L&T’s Kattupalli Port

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    Adani PortsAdani Ports and Special Economic Zone Limited has, through its subsidiary Adani Kattupalli Ports Private Limited (AKPPL), entered into an agreement to acquire Kattupalli Port in Tamil Nadu, according to an announcement filed to National Stock Exchange of India (NSE). The move is the result of a Memorandum of Understanding (MoU) signed with the operator of the port, Larsen & Toubro Shipbuilding Limited (LTSB), at the beginning of October this year. This is subject to receiving the necessary approvals from the Government of Tamil Nadu and Central Government, and the port being demerged from LTSB. The deal size is expected to be about Rs.2,000-3,000 crore. Currently L&T operates both the port and shipyard under a single entity, L&T Ship Building Limited. While awaiting the necessary approvals, Adani’s subsidiary has entered into an arrangement to take over the operations of the port. LTSB will continue managing and operating the shipyard located at the port. Kattupalli is a deep-water all-weather port with an international container terminal located 35 km from Chennai, Tamil Nadu. The port launched commercial operations in January 2013. It has two berths with a total quay length of about 710 metres and is equipped to handle containers with an installed capacity of 1.2 million TEUs per year.

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