<a href="https://www.mid-day.com/mumbai/mumbai-news/article/mumbai-navi-mumbai-to-anchor-adanis-rs-20000-crore-airport-city-project-23636876" rel="nofollow">Indian conglomerate Adani Group </a>said Tuesday that Europe's MSC will buy a 49 percent stake in its deep-water transshipment port in southern India for USD 1.4 billion.
The purchase by Switzerland-based MSC, the world's largest container shipping company, represents the "single largest foreign private investment in Indian port infrastructure", Adani said in a statement.
The agreement comes as India seeks to develop a network of major seaports and reduce its dependence on regional transshipment hubs such as Singapore and Colombo by handling a greater share of cargo domestically.
The Adani Group said MSC would buy the stake in Adani Vizhinjam Port Private Limited, which operates the Vizhinjam International Seaport in the southern state of Kerala.
The t<a href="https://www.mid-day.com/business/business-news/article/gautam-adani-steps-down-as-executive-chairman-of-adani-ports-23588465" rel="nofollow">ransaction will be carried out through MSC's investment arm,</a> Terminal Investment Limited, and remains subject to regulatory approvals.
The group said the partnership was expected to strengthen cargo volumes at Vizhinjam and help the port capture a larger share of Bangladesh cargo that is currently routed through other Southeast Asian hubs.
"Vizhinjam port has emerged as a premier transshipment hub and ramped up at an unprecedented pace," Adani Ports chief executive Ashwani Gupta said in the statement.
Vizhinjam is India's first dedicated deep-water container transshipment port and is designed to handle some of the large container vessels that currently bypass Indian ports.
New Delhi has outlined<a href="https://www.mid-day.com/text-shots/mumbai-port-authority-marks-154th-foundation-day-unveils-projects-worth-rs-5028-crore-23636857" rel="nofollow"> plans to build and expand major port infrastructure</a> over the coming decades as it seeks to boost trade competitiveness.
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Adani Group announced that Switzerland-based MSC, the world`s largest container shipping company, will acquire 49 per cent stake in Vizhinjam Port 

Adani sells 49 per cent stake in Vizhinjam transshipment port to Switzerland's MSC for USD 1.4 billion

Sensex jumps 200 points, Nifty trades above 23,900

The purchase by Switzerland-based MSC, the world's largest container shipping company, represents the "single largest foreign private investment in Indian port infrastructure," said Adani.

Adani sells 49 per cent stake in Vizhinjam port to MSC for USD 1.4 billion

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Home / Business / Business News / Article / Adani sells 49 per cent stake in Vizhinjam port to MSC for USD 1.4 billion