Adani to invest Rs 100 Bn in Vizhinjam port in Kerala

12 Jul 2024 CW Team

According to a report in Bloomberg, this investment in Vizhinjam port in Kerala is part of the project's second phase, expected to be completed by 2028. The company is trying to attract the biggest container lines, such as MSC Mediterranean Shipping Co., AP Moller - Maersk A/S, and Hapag-Lloyd to dock at the port.

Meanwhile, shares of Adani Ports slightly decreased on Thursday, settling at Rs 1,484.55 on BSE, down by 0.19 %. Despite this, the Adani Group stock has risen 41.65 % year-to-date and 105.02 % in the past year.

The port recently welcomed "San Fernando," a Maersk vessel with over 2,000 containers. The ship was greeted with a traditional water salute before being successfully berthed. Adani stated on social media that it was a historic day as Vizhinjam welcomed its first container vessel, marking India's entry into global transshipment and positioning Vizhinjam as a key player in global trade routes.

The funds for Vizhinjam port, which was inaugurated in October last year, will be used to extend the length of the existing berth and the breakwater at the port. The breakwater is a rock barrier built to protect the harbour from waves.

The Vizhinjam terminal will have bunkering facilities to fuel ships and plans to buy additional cranes to boost capacity, besides its cruise terminal that can accommodate large luxury liners. India is aiming for a larger share of international maritime trade, which is currently dominated by countries like China. Large containers often bypass India due to its harbours not being deep enough to handle these vessels, preferring ports such as Colombo, Dubai, and Singapore.

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Billionaire Gautam Adani-led Adani Ports and Special Economic Zone (APSEZ) is reportedly planning to increase its investment to Rs 100 billion to enhance its transshipment container port in southern India. Adani is aiming to bring some of the world's largest ships to the port. According to a report in Bloomberg, this investment in Vizhinjam port in Kerala is part of the project's second phase, expected to be completed by 2028. The company is trying to attract the biggest container lines, such as MSC Mediterranean Shipping Co., AP Moller - Maersk A/S, and Hapag-Lloyd to dock at the port. Meanwhile, shares of Adani Ports slightly decreased on Thursday, settling at Rs 1,484.55 on BSE, down by 0.19 %. Despite this, the Adani Group stock has risen 41.65 % year-to-date and 105.02 % in the past year. The port recently welcomed San Fernando, a Maersk vessel with over 2,000 containers. The ship was greeted with a traditional water salute before being successfully berthed. Adani stated on social media that it was a historic day as Vizhinjam welcomed its first container vessel, marking India's entry into global transshipment and positioning Vizhinjam as a key player in global trade routes. The funds for Vizhinjam port, which was inaugurated in October last year, will be used to extend the length of the existing berth and the breakwater at the port. The breakwater is a rock barrier built to protect the harbour from waves. The Vizhinjam terminal will have bunkering facilities to fuel ships and plans to buy additional cranes to boost capacity, besides its cruise terminal that can accommodate large luxury liners. India is aiming for a larger share of international maritime trade, which is currently dominated by countries like China. Large containers often bypass India due to its harbours not being deep enough to handle these vessels, preferring ports such as Colombo, Dubai, and Singapore.

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