Adani Ports and Special Economic Zone (APSEZ), an India-based transport utility, has completed the acquisition of Karaikal Port Private Limited (KPPL) pursuant to National Company Law Tribunal’s (NCLT) approval.
The cost for the acquisition of the port was approximately US$181 million.
Earlier, APSEZ was declared as the successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of Karaikal Port Private Limited (KPPL).
The Karaikal Port was commissioned in 2009 and was developed in the Karaikal District of the Union Territory of Puducherry, around 300 kilometres south of Chennai.
The port gets a 14-meter water draft and has a land area of over 2.4 million m². Its existing infrastructure includes five operational berths, three railway sidings, mechanised bulk cargo handling system, including mechanised wagon-loading and truck-loading systems, two mobile harbour cranes and a large cargo storage space that includes open yards, 10 covered warehouses and four liquid storage tanks.
Additionally, with a built-in cargo handling capacity of 21.5 million metric tonnes, the port primarily handles cement, fertilizer, limestone, steel & liquids. The upcoming CPCL’s nine MMTPA new refinery at Nagapattinam in Tamil Nadu presents an opportunity for Karaikal Port to handle an additional large volume of liquid cargo.
In fact, in the fiscal year 2023 (April 2022-March 2023), Karaikal Port handled 10 MMT of cargo.
