Adani eyes 3 international ports to boost global ops: report

The Adani Group is planning a $3 billion investment to boost its international port operations, focusing on three key ports along the India-Europe corridor, Mint reported.

Group firm Adani Ports and Special Economic Zone Ltd (APSEZ) is looking to capitalize on the rising demand for imports of iron ore and coal, together with the exports of finished goods, the report said, citing people aware of the development.

The conglomerate is targeting an overall port handling capacity of 800 million tonnes (MMT) in the next two years. APSEZ handled 420 MMT cargo in FY24 globally, with domestic ports contributing over 408 MMT cargo. 

To achieve its goal, Adani Group is planning to acquire at least three large ports across coastal Europe, Africa, and Southeast Asia, the report said, adding that the group is raising $3 billion capex through a mix of cash, internal accruals, and debt.

Adani Ports is the largest commercial ports operator in India, accounting for nearly one-fourth of cargo movement in the country. It is present across 13 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha. 

The company recorded a revenue growth of 28% year-on-year to ₹26,711 crore ($3.21 billion) in FY24, backed by a 30% jump in ports business revenue and 19% in logistics business. Its net profit jumped 50% to ₹8,104 crore ($970 million).