The Adani Group has announced plans to invest up to Rs 20,000 crore ($2.7 billion) to expand its cargo capacity at ports fourfold to 1 billion tonnes by 2030. The group is aiming to become the world’s largest company in the sector. Adani Ports & SEZ (AP&SEZ) CEO Karan Adani stated that the group may consider a global acquisition if it finds a good local partner in a country with economic and political stability. The group is currently looking to acquire ports in East Africa, Vietnam, and the Mediterranean. Adani emphasized that the overseas port must have good trade relations with India and a strong domestic economy for the group to invest.
Adani also addressed concerns regarding the group’s recent acquisition of the port of Haifa in Israel. He stated that the ongoing conflict between Israel and Hamas has not impacted port operations. Adani expressed confidence in the investment and highlighted the group’s extensive due diligence process. Currently, only 3 percent of AP&SEZ volume comes from the port of Haifa. Adani also revealed that the company intends to invest Rs 5,000-6,000 crore ($675-810 million) annually to expand its capacity.
The Adani Group inaugurated its Vizhinjam transshipment terminal and announced plans to buy back its entire $650 million in foreign exchange bonds by January. The estimated project cost for the first phase of the Vizhinjam port project is Rs 7,700 crore ($1 billion) and includes a private-public partnership component. Adani expressed confidence in the business potential of the location, stating that there is significant interest from shipping lines to use the port. The Vizhinjam port, along with the group’s position in Colombo, will allow Adani to offer shipping lines a solution that connects all their ports in India.