Adani Ports and Special Economic Zone (APSEZ) on Tuesday announced that it had completed the acquisition of 100 per cent stake of DPL for ₹705 crore in Mahrashtra and also made a commitment to invest ₹10,000 crore to develop it into an alternative gateway to Jawaharlal Nehru Port Trust in Mumbai.
The company had intimated the commencement of this development to stock exchanges on March 6, 2020.
DPL, the 12th port to join APSEZ`s string of economic gateways across the eastern and western coast of India will establish the company`s footprint in Maharashtra, the largest contributor to India`s GDP.
Another Investment
The Adani group said in a statement stated that it plans to invest more than ₹10,000 crore to develop the port into a multi-cargo port with ‘world-class’ infrastructure as well as to invest in the development of rail and road evacuation infrastructure for seamless and efficient cargo movement.
Comment from Company
“This will enable APSEZ to service customers in Maharashtra which includes the highly industrial areas and development in the Mumbai and Pune regions.”
“The company will strengthen and repair existing infrastructure and invest in the development of facilities for dry, container, and liquid cargo.”
Impact on Stock Market
At 9:57 am, APSEZ was trading at ₹652.45 on the BSE, up by ₹15.90 or 2.50 per cent. It hit a 52-week high of ₹670.00. It opened at ₹659.00 as against the previous close of ₹636.55.
On the NSE, it was trading at ₹652.15, up by ₹15.60 or 2.45 per cent. It hit a 52-week high of ₹670.00.
Press the 🔔 Icon for notifications of all new updates
