Adani Ports sets up subsidiary for Paradip Port dry bulk berths project; operations to begin soon
The Paradip Mahanadi Terminal Limited will oversee the development and operations of the the dry bulk berths, which are expected to add 18 MMT of new capacity to the mega port
The Paradip Mahanadi Terminal Limited will oversee the development and operations of the the dry bulk berths, which are expected to add 18 MMT of new capacity to the mega port.
The Paradip Mahanadi Terminal Limited will oversee the development and operations of the the dry bulk berths, which are expected to add 18 MMT of new capacity to the mega port.
The Paradip Mahanadi Terminal Limited will oversee the development and operations of the the dry bulk berths, which are expected to add 18 MMT of new capacity to the mega port.
In one of its first moves to develop and operate two dry bulk berths at Odisha's Paradip Port, Adani Ports has incorporated the Paradip Mahanadi Terminal Limited.
Notified by Adani Ports and Special Economic Zone (APSEZ) in an October 6 regulatory filing, the new company will oversee the development and operations of the new berths, which are expected to add 18 million metric tonnes (MMT) of new capacity to the mega port.
Fully owned by APSEZ, Paradip has been incorporated with an authorised and paid-up share capital of ₹5 lakh, which has been divided into 50,000 equity shares of ₹10 each.
"(The company) belongs to Port industry and is yet to commence its business operations," APSEZ's filing read.
This comes after the ports operator had notified the stock exchanges on September 9 about the Letter of Award (LoA) it had received for the development and operation of the CQ-I and CQ-II berths at Paradip.
After becoming the highest bidder for the 30-year concession project to be executed under the Public-Private Partnership (PPP) model, the dry bulk berths will now be upgraded with state-of-the-art mechanised cargo handling systems, deep-draft berths, and large-scale storage infrastructure.
This will boost the port's capacity to handle rising volumes of coal, limestone, and other dry bulk commodities, as it expands its influence after becoming India's first mega port on India's eastern coast.
The additional 18 MMT will also take Adani Ports' total domestic portfolio to 671 MMT per year, serving as a major push towards its cargo handling target of 1 billion tonnes per year by 2030.