Adani Ports, led by billionaire Gautam Adani, has announced the sale of a 49% stake in its Ennore Container Terminal near Chennai to Terminal Investment, a subsidiary of the global shipping giant Mediterranean Shipping Company, for approximately Rs 247 crore.
The Ennore terminal, with a valuation of Rs 1,211 crore, including debt, is expected to conclude the transaction in the next three to four months, as stated in an official release by Adani Ports.
This move marks the second joint venture between Adani Ports and Terminal Investment, following the 2013 collaboration for Adani International Container Terminal, which operates the CT3 Container Terminal at Mundra Port, India's largest private commercial port.
The Ennore terminal boasts an annual handling capacity of 0.8 million twenty-foot equivalent units (TEUs), processing 0.55 million TEUs in FY23 and 0.45 million TEUs in the first eight months of the current fiscal year. Adani Ports, overseeing a network of 13 ports and terminals in India, includes Mundra Port in Gujarat, the country's most extensive container handling port.
(With Agency Inputs)
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