Adani Ports & Special Economic Zone said that it surpassed 300 metric million tonnes (MMT) of cargo handling on February 23, 2023, in just 329 days, beating its own milestone from last year of 354 days.
India’s largest operator of commercial ports reported a 4 per cent year-on-year growth at its container terminals.
“The improvement in cargo volumes is testimony to the faith that our customers have in us,” said Karan Adani, CEO and Whole Time Director, APSEZ. “It shows our commitment to using improved efficiencies and technological integrations to drive and achieve customer satisfaction. The APSEZ’s flagship port, Mundra, is outpacing all its closest rivals by comfortable margins and continues to be the largest port in the nation in terms of volumes handled. Mundra’s infrastructure meets world standards and provides service levels on par with those of its global competitors, making it India’s gateway for container goods.”
Mundra Port saw an increase in RO-RO exports of 18 per cent, mostly due to long-term customer Maruti Suzuki India Limited. “Due to its proximity to India’s chemical industry, Hazira has seen consistent year-on-year development in chemical quantities. This year has witnessed a 16 per cent increase,” the company said in a press note.
Mundra Port delivered 1,501 fertiliser rakes in the current fiscal year, with a total cargo dispatch of 4.8 MMT.
Shares of Adani Ports and Special Economic Zone (Adani Ports) gained nearly 1 per cent after the company announced that the consortium of Adani Ports and Israel’s Gadot Group has completed the acquisition of HPC from the government of Israel.
Adani Ports had on July 15 last year announced that the consortium of Adani Ports and Gadot Group with 70:30 shareholding had won the competitive bid for the privatisation of HPC at an offer price of $1.18 billion. The concession period of the port was up to 2054.
Meanwhile, Adani Group has also pre-paid Rs 1,000 crore short-term debt in order to regain the investors’ confidence. Adani Group had faced severe criticism after a fallout with a US short seller’s scathing report. The Hindenburg report accused the group of brazen stock manipulation and accounting fraud schemes over the course of decades.