Adani Ports and Special Economic Zone (APSEZ) rose 1.81% to Rs 1,377.35 after the company has received letter of intent (LoI) from Syama Prasad Mookerjee Port Authority, Kolkata (SMPK) for operation and maintenance of container terminal at Kolkata.
The company has won the five-year O&M contract through a competitive bidding process, which mandates the successful bidder to deploy cargo handling equipment within seven months from the letter of acceptance (LOA) date. The contract will be executed within a 45 days of issuance of LOI/LOA by SMPKNetaji Subhas Dock is the largest container terminal on the eastern coast of India. It handled around 0.63 million TEUs in FY2023-24, serving a vast hinterland encompassing West Bengal, Bihar, Uttar Pradesh, Jharkhand, Assam, the northeastern hill states and the landlocked neighbouring countries of Nepal and Bhutan.
The Kolkata port is the nominated port for the Indo-Bangladesh protocol on inland water transit and trade route. Netaji Subhas Dock has regular liner service calls from the hub ports of Singapore, Port Kelang and Colombo.
The presence of APSEZ at the dock is likely to improve connectivity between the terminal and its container ports, particularly with the transshipment hubs at Vizhinjam and Colombo that are targeted for commissioning during the year, stated by the company.
Ashwani Gupta, whole-time director and CEO, APSEZ, said, The award of the O&M contract for container handling facilities at Netaji Subhas Dock to APSEZ underlines our commitment to develop ports and logistics infrastructure across the country and the potential we see in West Bengal. We will bring our experience of over two decades of efficiently managing various container terminals within India and outside, benefiting customers and the people of the state.
Also Read
Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.
The companys consolidated net profit surged 76.2% to Rs 2,039.66 in Q4 FY24 as against to Rs 1,157.55 crore posted in the same period a year ago. Revenue from operations jumped 18.97% to Rs 6,896.50 crore in Q4 FY24 as compared to Rs 5,796.85 crore recorded in Q4 FY3.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
