OPEN APP
Home / Companies / News /  Adani, AD Ports sign MoU for joint infra investments in Tanzania
Listen to this article

Adani Ports and SEZ and AD Ports Group on Thursday signed a Memorandum of Understanding (MoU) for strategic joint investments in end-to-end logistics infrastructure and solutions, which include rail, maritime services, port operations, digital services, an industrial zone, and the establishment of maritime academies in Tanzania. The duo signed the key agreement which sets in motion a series of potential country-level investments to grow, improve, and promote the logistics ecosystem which will make Tanzania a hub for the African region.

The Adani Group-backed Adani Ports is the country's largest integrated ports and logistics company.

Karan Adani, CEO of Adani Ports and SEZ said, "We are pleased to be partnering with AD Ports Group in the development of key quality infrastructure in Tanzania, especially in the ports and maritime sector, which will improve and bring about positive change in the communities, standing by our commitment to growth with goodness."

"We continue to support local employment, as well as general economic growth in Tanzania and East African countries that will benefit from our investments through the collaboration with AD Ports Group," Karan added.

AD Ports Group is the leading facilitator of global trade, logistics, and industry.

On the agreement, Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, "This MoU with Adani Ports and SEZ Ltd is significant in its impact on both Tanzania’s ability to transform itself into an African trading hub, as well as our ability to further develop our global capabilities and connections that will bring goods to market faster and more efficiently."

"Our strategic investment in Tanzania in infrastructure and solutions will enable international companies to enter African markets. In line with the direction of the UAE’s leadership, we are positioning Abu Dhabi as a global leader in logistics and industry," Al Shamisi added.

In July, Adani Ports handled 31.23 MMT of cargo in July ’22, implying a 13% y-o-y increase. Meanwhile, in the first four months of FY23 (April - July), the company managed 122.12 MMT of cargo, which is a 9% y-o-y growth over a strong April-July 21, that saw the post COVID volume surge.

On BSE, Adani Ports shares closed at 807.40 apiece flat compared to the previous closing of 806.90 apiece. The company's market cap is around 1,70,553.01 crore.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout