Ashwani Gupta, Whole-Time Director and CEO at APSEZ, expressed confidence in the company's ability to leverage its extensive experience in managing container terminals.
Adani Ports and Special Economic Zone Ltd. (APSEZ) has announced its successful acquisition of a letter of intent (LOI) for the operation and maintenance (O&M) of the container facility at Syama Prasad Mookerjee Port in Kolkata. This achievement marks a significant milestone for the Adani Group company, which secured the five-year contract through a competitive bidding process.
According to the stock exchange filing by APSEZ, the company is required to deploy cargo handling equipment within seven months from the date of the letter of acceptance (LOA). This deployment is expected to enhance the efficiency and capacity of the port operations significantly.
Syama Prasad Mookerjee Port, Kolkata, plays a crucial role as the nominated port for the Indo-Bangladesh Protocol on Inland Water Transit and Trade route. The port's Netaji Subhas Dock (NSD) has regular liner service calls from major hub ports including Singapore, Port Kelang, and Colombo. APSEZ's involvement is anticipated to bolster connectivity between the terminal and its container ports, especially with the transshipment hubs at Vizhinjam and Colombo, which are slated for commissioning this year.
Netaji Subhas Dock stands as the largest container terminal on India's eastern coast. In the fiscal year 2023-24, it handled approximately 0.63 million TEUs, serving a vast hinterland that includes West Bengal, Bihar, Uttar Pradesh, Jharkhand, Assam, the northeastern hill states, and the landlocked neighboring countries of Nepal and Bhutan.
Ashwani Gupta, Whole-Time Director and CEO at APSEZ, expressed confidence in the company's ability to leverage its extensive experience in managing container terminals. "We will bring our experience of over two decades of efficiently managing various container terminals within India and outside, benefiting customers and the people of the state," he stated.
The announcement positively impacted the market performance of Adani Ports. On Friday, shares of the company were trading at ₹1,375 on the NSE, reflecting a 1.63% increase. The stock has demonstrated robust growth, rising over 30% so far this year.
This new contract reinforces APSEZ's position as a leading player in India's port management sector and highlights its commitment to enhancing the nation's maritime infrastructure.
Adani Ports and Special Economic Zone Ltd. (APSEZ) has announced its successful acquisition of a letter of intent (LOI) for the operation and maintenance (O&M) of the container facility at Syama Prasad Mookerjee Port in Kolkata. This achievement marks a significant milestone for the Adani Group company, which secured the five-year contract through a competitive bidding process.
According to the stock exchange filing by APSEZ, the company is required to deploy cargo handling equipment within seven months from the date of the letter of acceptance (LOA). This deployment is expected to enhance the efficiency and capacity of the port operations significantly.
Syama Prasad Mookerjee Port, Kolkata, plays a crucial role as the nominated port for the Indo-Bangladesh Protocol on Inland Water Transit and Trade route. The port's Netaji Subhas Dock (NSD) has regular liner service calls from major hub ports including Singapore, Port Kelang, and Colombo. APSEZ's involvement is anticipated to bolster connectivity between the terminal and its container ports, especially with the transshipment hubs at Vizhinjam and Colombo, which are slated for commissioning this year.
Netaji Subhas Dock stands as the largest container terminal on India's eastern coast. In the fiscal year 2023-24, it handled approximately 0.63 million TEUs, serving a vast hinterland that includes West Bengal, Bihar, Uttar Pradesh, Jharkhand, Assam, the northeastern hill states, and the landlocked neighboring countries of Nepal and Bhutan.
Ashwani Gupta, Whole-Time Director and CEO at APSEZ, expressed confidence in the company's ability to leverage its extensive experience in managing container terminals. "We will bring our experience of over two decades of efficiently managing various container terminals within India and outside, benefiting customers and the people of the state," he stated.
The announcement positively impacted the market performance of Adani Ports. On Friday, shares of the company were trading at ₹1,375 on the NSE, reflecting a 1.63% increase. The stock has demonstrated robust growth, rising over 30% so far this year.
This new contract reinforces APSEZ's position as a leading player in India's port management sector and highlights its commitment to enhancing the nation's maritime infrastructure.
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