Adani Ports and Special Economic Zone Ltd (APSEZ) won the bid for two dry bulk berths at Paradip Port in Odisha. The company received a Letter of Award for a 30-year concession. This project will be executed on a build-operate-transfer basis.
The new berths add 18 million metric tonnes (MMT) of capacity. This acquisition increases APSEZ's total domestic capacity to 671 MMT. The company targets a total capacity of 1 billion tonnes. APSEZ plans to achieve this goal by 2030.
This deal marks Adani’s entry into India's second-largest major port. The project strengthens the company's presence on the eastern seaboard. Adani Ports' stock rose 4.49 percent following the announcement. Shares reached a session high of Rs 1,785.50 on Wednesday.