Adani Ports and Special Economic Zone (APSEZ), the flagship company of the Adani Group and India’s largest private port operator, plans to invest Rs 130 billion in phase two of the Vizhinjam International Seaport. The project will increase cargo handling capacity from one point two million to nearly five million twenty-foot equivalent units (TEUs) by 2028.

Commissioned on May two by Prime Minister Narendra Modi, the seaport was completed at an estimated cost of Rs 88.67 billion. APSEZ managing director Karan Adani stated that the company is focusing on three major verticals—marine, logistics and agri-logistics. These include developing multi-modal logistics parks and constructing grain silos for better storage.

Vizhinjam is set to become India’s first port dedicated entirely to transshipment. Currently, seventy-five per cent of the country’s transshipment cargo is routed through foreign ports, resulting in a revenue loss of up to USD 200–220 million annually. The port aims to recapture this traffic from ports like Singapore, Colombo, Salalah and Dubai.

The company also has global ambitions, targeting South East Asia and East Africa for future expansion. It supports the India-Middle East-Europe Economic Corridor (IMEC), which is expected to reduce costs and transit times for Indian trade to Europe.

Source: The Telegraph Online, PTI