Adani inks deal with Kowa to attract business

Adani inks deal with Kowa to attract business

Ahmedabad: In a bid to attract Japanese firms to invest in Mundra Port and SEZ Ltd (MPSEZL) and to acquire more vessels for its shipping business, Adani Enterprises Ltd, on Friday signed a long-term pact with Kowa Company Ltd.

Yoshiro Miwa, president and chief executive officer, Kowa Company and Gautam Adani, chairman, Adani Group signed the business alliance agreement today in Kowa Company Ltd has interests in trading, shipping, pharmaceutical, industrial and chemicals, textiles and apparel.

“Under this pact, Kowa Company Ltd will act as an agent for Adani Group for attracting Japanese firms to set up their units in MPSEZL. Kowa will also help us in our future acquisitions of vessels, heavy engineering machinery for thermal and solar power generation, and grow exports to" a spokesperson of Adani Group said.

Earlier this month, Adani Shipping Pte Ltd, the shipping arm of Adani Group, had acquired two capsize vessels to transport coal from the group’s mines in Australia and Indonesia.

“We will be soon acquiring two new capesize cargo vessels of 180,000 DWT (Dead Weight Tonnage) each for loading dry cargo like iron-ore, coal, grains and other materials. We will also buy five tug-boats for operations in Mundra and Hazira ports.

Adani Group plans to have a fleet of 20 capsize vessels by 2020. Kowa will act as Adani Group’s agent in these acquisitions," the spokesperson said without revealing the financial details of these future deals saying that the detailed specifications for the vessels are yet to be decided.

Adani Group already has 12 tug-boats deployed at Mundra and Hazira ports.Moreover, Kowa Company Ltd will represent Adani Group in and make formal presentations to Japanese firms interested in setting up their units in.

“Kowa will soon start making presentations to Japanese firms on our behalf to attract them to set up their units in Mundra SEZ " the official said.

In return Adani Group will act in similar capacity to facilitate Kowa’s business interests in, the company said in a statement.