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Business News/ Companies / News/  Adani Ports aims to boost cargo volumes to 1 billion tonnes by 2030
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Adani Ports aims to boost cargo volumes to 1 billion tonnes by 2030

Adani Ports and Special Economic Zone Ltd. intends to become the world’s largest port company, the company’s CEO Karan Adani said in the latest annual report

File: Adani Port and SEZ Ltd's Mundra port in Gujarat. (PTI Photo) (PTI)Premium
File: Adani Port and SEZ Ltd's Mundra port in Gujarat. (PTI Photo) (PTI)

Adani Group’s biggest revenue contributor, Adani Ports and Special Economic Zone Ltd. (APSEZ), intends to become the world’s largest port company, augmenting its annual cargo volumes to 1 billion tonnes by 2030 from 340 million tonnes now, said the company’s CEO Karan Adani in the latest annual report.

While addressing APSEZ’s shareholders in the annual report, Karan Adani said the company plans to evolve from port intermediation to doorstep delivery, which may get APSEZ a larger pie of customers' logistics spending and subsequently lead to annuity incomes.

APSEZ, which has a market capitalization of 1.57 trillion, will gradually build its port interests outside India, said Karan Adani. However, he noted that investments outside India are more likely to be in operational ports and with a limited equity exposure.

“The ports business continued to be a pillar of strength on all fronts. APSEZ continues to be amongst the most profitable port operators globally with port EBITDA margin of 70% – and, by 2030, we intend to be not only the most profitable port company in the world but also India’s largest transport utility capable of handling a billion tonnes of cargo annually," said Gautam Adani in a separate address to the shareholders of the group’s listed flagship Adani Enterprises Ltd on Tuesday.

Gautam Adani said that the acquisition of Haifa Port in Israel will allow Adani Group to connect its ports across the Indian Ocean and the Mediterranean, giving the group a strategic position to capitalize on the growth of both India and the wider region.

On 3 July, Adani Ports said it handled 101.4 million metric tonnes (MMT) of cargo during the first quarter of FY24, a 11.5% year-on-year jump as compared to the same period in the previous fiscal. “Growth observed across most ports and all three broad cargo segments - Container +19%, Liquids & Gas +8%, and Dry Bulk +7%," the company said.

In June alone, Adani Ports handled 32.8 MMT of cargo including 1 MMT at the Haifa Port.

Shares of Adani Ports fell marginally while closing at 728.15 apiece on NSE on Tuesday.

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Mayur Bhalerao
"Mayur spearheads data-driven reporting on IPOs for Mint. He also covers market trends, and corporate announcements to ensure comprehensive coverage of the financial landscape. Mayur believes in harnessing the power of Bloomberg Terminal and Capital Line to extract and disseminate critical financial data to cross-functional teams within the newsroom and beyond. disseminate critical financial data to cross-functional teams within the newsroom and beyond."
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Published: 18 Jul 2023, 07:51 PM IST
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