Adani Ports’ shares are in the spotlight after the company signed a concession agreement with the state-owned Deendayal Port Authority to develop and operate a 5.7 million tonne (mt) capacity multipurpose terminal at the Deendayal Port in Kandla, Gujarat. The terminal will handle clean cargo, including containers, under a 30-year contract won by Adani Ports after offering a Rs 200 per ton royalty. The agreement was signed on September 10.
Adani Ports, the company that received the LoI in July, would develop, operate and maintain the berth under the DBFOT model. The commissioning of the project was expected to be by 2026-27.
“Berth No 13 will diversify our presence at Deendayal Port. We will now handle multi-purpose clean cargo, in addition to dry bulk cargo,” said Ashwani Gupta, CEO of Adani Ports.
Adani Ports will operate the terminal through a new subsidiary, DPA Container and Clean Cargo Terminal Ltd, of 5.7 mt capacity comprising 4.2 mt of dry bulk and clean cargo and 0.10 million TEU for the container, he added. It will handle cargo such as machinery, Ro-Ro cargo, sugar, salt, wooden logs, silica sand among others. Despite this development, Adani Ports’ shares closed the previous session 1.5% lower at Rs 1431.70 on NSE. The stock thus far this year has gained about 36%, against Nifty’s 14% return. In the last 12 months, the stock of Adani Ports has surged 66% against Nifty’s 28% rise.
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Source: Moneycontrol
News Desk
