Adani completes acquisition of Dhamra Port in Odisha.

Adani Ports and Special Economic Zone (APSEZ) recently said it has completed the acquisition of Dhamra Port in Odisha from Tata Steel and L&T Infrastructure Development Projects (L&T IDPL).

'APSEZ has completed the acquisition of 100 per cent stake in the Dhamra Port Company Ltd from L&TIDPL and Tata Steel,' it said in a filing to the BSE.

In May, it has executed a pact with both the companies to acquire the Port for about Rs. 5,500 crore.

'The Dhamra port acquisition now gives us an opportunity to replicate the development and phenomenal growth of the Mundra port on the eastern coast of India and thereby continue to execute on our pan-India strategy,' Gautam Adani, Chairman of the Adani Group has said last month.

An equal joint venture between L&T IDPL and Tata Steel, Dhamra Port Company Ltd (DPCL) was commissioned in May 2011 with an 18-km approach channel and a dedicated 62.7 km rail link to Bhadrak.

The port handled 14.3 million tonnes of cargo in 2013-14.


HBL