Adani Ports and Special Economic Zone (APSEZ) said that its wholly owned subsidiary, Adani International Ports Holdings Pte Ltd. (AIPH) has signed a 30-year concession agreement with the Tanzania Ports Authority
The company has signed an agreement to operate and manage Container Terminal 2 (CT) at the Dar es Salaam Port, Tanzania. Dar es Salaam Port is a gateway port with a well connected network of roadways and railways.CT2, with four berths, has an annual cargo handling capacity of 1 million TEUs and managed 0.82 million TEUs of containers in 2023, estimated to be 83% of Tanzanias total container volumes.
East Africa Gateway (EAGL) has signed a share purchase agreement for the acquisition of 95% stake in Tanzania International Container Terminal Services (TICTS) from Hutchison Port Holdings (and its affiliate Hutchison Port Investments) and Harbours Investment Limited for a purchase consideration of $39.5 million. TICTS currently owns all the port handling equipment and employs the manpower. Adani will operate CT2 through TICTS.
East Africa Gateway (EAGL) has been incorporated as a joint venture of AIPH, AD Ports Group and East Harbour Terminals (EHTL). APSEZ will be the controlling shareholder and will consolidate EAGL on its books.
The transaction is expected to be completed by end of June 2024.
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.
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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.
The counter rallied 3.93% to end at Rs 1,437.70 on Friday, 31 May 2024.
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