Mumbai, Dec 16: Adani Ports, led by billionaire Gautam Adani, has announced the sale of 49% stake in its Ennore container terminal near Chennai to Terminal Investments, an arm of global shipping giant Mediterranean Shipping Company. The transaction, valued at approximately Rs 247 crore, is part of Adani Ports’ strategy to optimize its portfolio. The Ennore terminal, which has a net worth of Rs 1,211 crore including debt, has an annual handling capacity of 0.8 million twenty-foot equivalent units (TEU).
The deal is expected to be concluded in the next three to four months, an Adani Ports release said. The move follows a previous joint venture with Terminal Investments in 2013, which included Adani International Container Terminals operating the CT3 container terminal at Mundra Port, India’s largest private commercial port.
In fiscal year 2022-23, Ennore Terminal processed 0.55 million TEU, and in the first eight months of the current fiscal year, it processed 0.45 million TEU. Adani Ports, which operates 13 ports and terminals across India, including the major Mundra Port in Gujarat, is strategically positioned in the maritime industry.